League sources told ESPN and NFL Media that Tannehill's deal is worth up to $118 million, including $62 million in fully guaranteed money and $91 million in total guarantees. The Titans didn't disclose financial terms of the agreement, which has an average annual value of $29.5 million.
The agreement between Tannehill and the Titans came after reports surfaced that Tennessee wasn't interested in signing New England Patriots quarterback Tom Brady. According to ESPN, the Titans were instead focused on a long-term deal with Tannehill.
Tennessee was widely speculated as a possible free-agent landing spot for Brady, given the Titans' postseason run last season and Brady's connection to current Titans head coach Mike Vrabel.
Earlier in the off-season, Tannehill told the Titans' official website that he hoped to return to the organization.
"I do know I love the [Titans] organization, I love the team, I love the guys on the team, and I love the tone coach [Mike] Vrabel sets, and the vision that he has," Tannehill said. "I feel like we're headed in the right direction.
"I'd like for things to line up and I'd like to be back [in Tennessee] if it all gets worked out. ... We'll just have to see. But hopefully we can get things worked out and keep building on what we did this year."
Tannehill guided the Titans to the AFC Championship Game last season after securing wins over the Patriots in the wild-card round and the Baltimore Ravens in the divisional round. Tennessee ultimately fell to the eventual Super Bowl champion Kansas City Chiefs in the AFC title game.
Tannehill, who was named the NFL Comeback Player of the Year for the 2019 season, tossed five touchdown passes and ran for a score while committing only two turnovers in the Titans' three playoff games.
The former Miami Dolphins quarterback finished last season with an NFL-best 117.5 passer rating. He threw for 2,742 yards with 22 touchdowns and six interceptions in 12 regular-season games, resulting in his first appearance at the Pro Bowl.
The Dolphins selected Tannehill with the No. 8 overall pick in the 2012 NFL Draft out of Texas A&M. The Titans acquired the signal-caller and a 2019 sixth-round pick from Miami in exchange for a 2020 fourth-round pick and a seventh-round selection.