Terms of the deal weren't disclosed, but several reports pegged it at $62 million over four years, with $24.75 million of it guaranteed.
Schaub, 31, has started 64 games for the Texans since being acquired from Atlanta in 2007.
Coming into Sunday, he is the team's all-time leader in passing yards (16,903), passing touchdowns (92), completions (1,382) and wins (32).
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