Sources told WTMJ television in Milwaukee that Packers President Mark Murphy told the quarterback and his agent that Favre could earn about $2 million a year for 10 years to stay away from Packers training camp and remain retired.
The offer was reportedly made Wednesday during a meeting between the parties near Favre's home in Kiln, Miss.
The Green Bay Press-Gazette reported team officials and the quarterback were in a "stalemate." The team has refused to release Favre and can't work out a trade to a team of the quarterback's liking, the newspaper said.
Murphy issued a statement after returning Wednesday to Wisconsin. He said his talks with Favre were on "a number of topics not related to football" and that he considered the conversation private.
Green Bay Coach Mike McCarthy hasn't said whether Favre would be inserted into the starting quarterback spot at the team's camp at St. Norbert College in DePere, Wis. if he decides to report.
"I can't control what the perception is, but in the locker room, no one dislikes Brett Favre," McCarthy said. "He was a big part of our history and with him reinstating and coming here, he'll be a part of our future."