No monetary figure was disclosed.
"As we talked about in the past, we try to be proactive in our discussions with our current players and we felt like this was an appropriate time to try to come to an agreement with Aaron," General Manager Ted Thompson told the Milwaukee Journal Sentinel Friday afternoon. "We feel like this is good for the organization and the players, and we will continue this approach as we move forward."
The first-round pick in the 2005 NFL draft out of California has started all seven games since he was named the starter over the traded Brett Favre.
Rodgers has thrown for 1,668 yards and 12 touchdowns, while adding three scoring runs in leading the Packers to a 4-3 record.
He was a backup for three seasons and inherited the starting position when Favre, now quarterback of the New York Jets, originally announced his retirement earlier this year.
Notable deaths of 2014 [PHOTOS]