Harris and the Broncos reached an agreement to adjust his salary for the 2019 season. League sources told 9News that he will earn about $12.05 million. The team didn't disclose financial terms of the deal.
The All-Pro defensive back previously requested a new contract or a trade in April, according to ESPN. Before the new contract, he was scheduled to earn about $8.9 million on the final year of his old deal, according to 9News.
With the contract, Harris receives his requested pay raise and still retains the option of testing the market as a free agent after the conclusion of next season.
"We have a lot of respect for Chris as a player and for everything he's meant to our organization," Broncos general manager John Elway said in a statement. "This contract adjustment recognizes his value to our team and the high expectations we have for Chris as a Bronco this season and hopefully for years to come."
Harris had 49 total tackles, three interceptions and 10 passes defensed in 12 games last season. He had a 66.4 passer rating allowed when targeted in 2018, which was the fourth-best mark in the NFL.
The Broncos signed Harris as an undrafted free agent out of Kansas in 2011. He is a four-time Pro Bowl selection and was named first-team All-Pro in 2016.