NFL.com said the contract is for five years and is worth $110 million. That would give Rodgers a larger annual salary than quarterback Joe Flacco, who recently signed a six-year contract with the defending Super Bowl champion Baltimore Ravens.
Rodgers has played eight seasons with the Packers, having been the 24th player selected in the 2005 draft. He became the team's starting quarterback in 2008 and has one Super Bowl title to his credit, that coming in a 31-25 win over Pittsburgh at the end of the 2010 season.
Since taking over the offense, Rodgers has thrown for 21,332 yards -- the most in NFL history for a quarterback in his first five years as a starter.
"Aaron is a true professional and a special player," Green Bay General Manager Ted Thompson said. "He works hard, is humble, and is focused on his actions on and off the field. He is an excellent teammate and pushes himself and others to be the very best."
Rodgers has thrown for 171 touchdowns in his career and has been intercepted 46 times.