From Josina Anderson from FOX 31 Sports in Denver:

Fox31 Breaking News: Sources: The Green Bay Packers & Charles Woodson have agreed on a new deal. Woodson is expected to sign later today

There had been reports that Woodson had approached the Packers about a new contract earlier this offseason. One has to think that after seeing the amount of money the Jets handed over to Darrelle Revis, a player that Woodson beat out for Defensive Player of the Year honors in 2009, that Woodson's people started pushing for an extension/more guaranteed money.

A Packers spokesman declined to comment.

We'll have more as this story develops.

UPDATE: Tom Silverstein has confirmed that Woodson has indeed agreed to an extension. Per his Twitter feed:

A source close to Charles Woodson has confirmed that the Packers CB has agreed to a contract extension. Should be finalized in a day or so.

No word on the terms yet, but years and dollars are added. Woodson was due to make 7.4 mil this year and had three years left at 22.2 mil.

UPDATE 2:

According to Adan Schefter, it is a two year extension, meaning Woodson is signed for the next five years.

UPDATE 3:

More from Silverstein:

Woodson, who turns 34 in October, and the Packers have agreed on the terms of a contract extension that will bump up the 33-year-old corner's salary and increase the number of years on the deal. Woodson was scheduled to make $6.5 million in base salary over the next three seasons with the potential of an added $900,000 roster bonus each year.

The Packers probably felt compelled to boost Woodson's contract after Oakland cornerback Nnamdi Asomugha signed a six-year deal worth a reported $45 million, including $28. 5 million guaranteed and New York Jets cornerback Darrelle Revis signed a four-year, $46 million deal with $32 guaranteed.

UPDATE 4:

The Packers have made it official:

The Green Bay Packers have signed CB Charles Woodson a contract extension through 2014. Ted Thompson, Executive Vice President, General Manager and Director of Football Operations, announced the signing Thursday.Woodson was named NFL Defensive Player of the Year by The Associated Press in 2009, becoming only the second Packer to win the award (DE Reggie White, 1998). He posted a career-high nine interceptions, two sacks and four forced fumbles last season on the way to his sixth career Pro Bowl bid, and he also earned NFC Defensive Player of the Month honors three times in ’09. Woodson is the only NFL player to register seven interceptions and two sacks in back-to-back seasons (2008-09) since sacks became an official league statistic in 1982.

Acquired by Green Bay as an unrestricted free agent in 2006 after spending his first eight seasons with the Oakland Raiders, Woodson has recorded 28 of his 45 career interceptions during his four seasons with the Packers. He holds the Packers franchise record with eight defensive touchdowns (seven interceptions, one fumble return), and has posted seven or more interceptions in three of his four seasons in Green Bay, joining Bobby Dillon as the only players in team history to intercept seven or more passes in a season three times.