The Boston Herald reports that the New England Patriots and quarterback Tom Brady are nearing a contract extension.

According to the report, a three-year extension worth $58 million is in place. The deal has not been signed, and there are still "moving parts" to account for, but the parameters are in place.

Brady, 33, is entering the final season of a six-year, $57.3 million contract extension he signed in 2005, which in addition to a $3 million roster bonus, will pay him $3.5 million in base salary this season.

A three-year extension with $58 million in "new money" equates to an Average Per Year of $19.333 million, the highest in NFL history.

The APY metric is significant, as the Herald reports Brady will not accept a contract with an APY smaller than the extension signed by New York Giants quarterback Eli Manning. In terms of "new money", Manning's six-year, $97.5 million contract extension last August comes out to $15.3 million per year.