(Photo credit: Denny Medley-Imagn Images)

Kansas City Chiefs quarterback Patrick Mahomes has agreed to a two-year extension that contains $239 million in new money, multiple outlets reported Wednesday.

Mahomes will now be under contract with the Chiefs through the 2033 season and his total contract value rises to $504.75 million. He is the first NFL player to have a contract totaling more than a half billion dollars.

Mahomes' average annual value of over $63 million is tops in the NFL, surpassing Dallas Cowboys quarterback Dak Prescott's $60 million AAV. Prescott has three seasons remaining on a four-year, $240 million deal.

Mahomes' extension also has incentives and escalators that could raise the overall package to $522.25 million.

'Over the last decade Patrick has become one of the most iconic, beloved sports figures of all-time,' Chiefs CEO Clark Hunt said in a statement, according to ESPN. 'He has helped lead our franchise to five Super Bowl appearances and three championships, he has been instrumental in shaping the Chiefs brand and putting Kansas City on the world stage, and on top of it all he has been an outstanding role model in the community. Patrick is a generational talent and an elite human being, and I'm so excited he will continue to lead our team into the future.'

In 2020, Mahomes signed a record 10-year, $450 million contract.

Mahomes, 30, is coming off surgery for a torn ACL and LCL in mid-December and is on pace to be ready for the start of the 2026 season.

Last season, Mahomes threw for 3,587 yards and 22 touchdowns with 11 interceptions in 14 games last year. He also ran for a career-high 422 yards and five TDs.

Mahomes had passed for 35,939 yards and 267 touchdowns against just 85 interceptions in 126 career regular-season games since entering the league in 2017. He has rushed for 19 scores.

--Field Level Media