Brady will make $30 million in 2020 and $32 million in 2021, though those salaries can be adjusted at any time. The new contract makes Brady the sixth highest-paid quarterback in the NFL.
The Patriots have not confirmed any changes to Brady's contract.
Brady's new contract comes a day after he turned 42. Brady has repeatedly insisted he would like to play until he's at least 45.
Brady is considered one of the greatest quarterbacks in NFL history. The three-time NFL MVP has thrown for 70,514 yards, 517 touchdowns and 171 interceptions since entering the league in 2000.