Both Rodgers and the Packers are hesitant to comment on a potential extension, but league-wide speculation is that the deal could average $25 million per year.
Both sides have been extremely careful when publicly commenting on a deal. But those familiar with the contract talks believe a deal will be completed this offseason, and could happen sooner rather than later.
A former Super Bowl MVP, Rodgers is under contract through 2014, having signed a six-year, $65 million contract in October 2008. Rodgers' base salary in 2013 is $9.25 million, while his 2014 deal is worth $10.5 million.
Those financial figures are drastically less than the contracts struck recently by other star quarterbacks. Rodgers' new deal is expected to rival those of Joe Flacco, Drew Brees and Peyton Manning, a trio of Super Bowl MVPs whose contracts are among the richest in NFL history.
Flacco became the NFL's highest-paid player earlier this month when he signed a six-year, $120.6 million contract with the reigning champion Baltimore Ravens. The Saints signed Brees to a deal last year that pays him an annual base salary of $20 million. Manning's deal with the Denver Broncos pays a base salary of $18 million.
Rodgers, 29, passed for 4,295 yards and 39 touchdowns last season while leading the Packers to their fourth consecutive playoff appearance. The three-time Pro Bowler enjoyed his best season in 2011, when he was named league MVP after passing for 4,643 yards and 45 touchdowns.