According to Sports Illustrated's Peter King, the New England Patriots and Tom Brady have agreed to a new, three year contract extension keeping him in Foxboro through the 2017 season. Brady's new deal will pay him $27 million over the 2015, 2016, and 2017 seasons.

According to the report, Brady will receive a $3 million signing bonus then salaries of $7 million in 2015, $8 million in 2016 and $9 million in 2017. The deal will also rework some of Brady's money over the next two seasons, saving the Patriots about $15 million in salary cap space.

This is the second time that Brady has taken a less than market value deal to ensure the Patriots have cap space to build the team around him. As SB Nation's Pats Pulpit writes, "In 2005 Brady signed a six-year $60 million contract extension, well below what he could have made on the open market."

Assuming Brady completes the full extension, he will be 40 years old when the deal ends.

For more on Brady's extension, and everything Patriots, head over to Pats Pulpit.

[Hat tip to phinfansc1980]