League sources told ESPN and the Kansas City Star on Friday that the Chiefs are expected to convert Mahomes' $21.7 million roster bonus to a signing bonus before the start of the NFL's new league year on March 17. According to ESPN, the move will save the Chiefs $17 million in cap space.
In July, Mahomes and the Chiefs reached an agreement on a 10-year contract extension that ties him to the franchise through the 2031 season.
Mahomes' deal is reportedly worth $450 million over the 10-year period. The contract could be worth up to $503 million and includes a $140 million injury guarantee.
The 25-year-old Mahomes, who was the No. 10 overall pick in the 2017 draft out of Texas Tech, already has been named league MVP and Super Bowl MVP in his career. He guided the Chiefs to the Super Bowl in each of the past two seasons.
The Chiefs are hopeful that Mahomes will recover from last month's toe surgery to take part in the team's June minicamp. He is expected to be ready to compete by the start of training camp later this summer.