Sherman, who is in the final year of his coaching contract after being removed as general manager in January, is to get essentially the same pay in 2006 and 2007 as this year, the Milwaukee Journal reported.
The team did not ask to cut Sherman's pay when he was replaced by Ted Thompson as general manager.
Neither Thompson, who negotiated the contract, nor Sherman's agent would comment on the deal, which the newspaper said could be approved by the NFL and signed by Sherman by the end of the week.
Although initially hurt by team President Bob Harlan's decision to remove him as general manager, Sherman appeared more relaxed this summer than the four years when he tried to do it all, the newspaper reported.
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