Citing sources, the paper said the deal will keep "Chappelle's Show" on Comedy Central for two more seasons, and reward the comedian with a significant portion of the proceeds from DVD sales.
Sources said Comedy Central was under pressure to reach a deal with Chappelle because of interest on the part of other programmers, including NBC. FX reportedly made an eight-figure offer for Chappelle to jump.
The deal reportedly calls for Chappelle to do other projects for Comedy Central's parent company, Viacom, possibly including a deal with Paramount Pictures to star in a movie version of funk star Rick James' autobiography.
"Chappelle's Show" recently landed three Emmy nominations, and has become the highest-rated cable show for the coveted male 18-34 demographic group.
The DVD collection of the show's first season sold 1.7 million units, making it the top-selling TV-related DVD of the year to date.