The Vikings quarterback completed 69.1 percent of his throws for 3,603 yards, 26 touchdowns and six interceptions in 15 starts last season.
Cousins, 31, signed a three-year, $84 million contract with the Vikings when he joined the franchise as a free agent before the 2018 season. The two-time Pro Bowl selection entered the league as a fourth-round pick by the Washington Redskins in the 2012 NFL Draft.
Cousins led the Vikings to a 10-5 record and second-place finish in the NFC North in 2019. The Vikings upset the New Orleans Saints in the wild card round of the playoffs before losing to the San Francisco 49ers in the divisional round.
Cousins has completed 66.9 percent of his passes for 24,107 yards, 155 touchdowns and 71 interceptions in 93 games during his NFL tenure. He has completed 69.7 percent of his throws for 7,901 yards, 56 scores and 16 interceptions in two seasons with the Vikings.