"They've been in discussions," Brees said of talks between the Saints and his agent, Tom Condon, according to the report. "That's been ongoing."
Brees, who is in the final year of a six-year, $60 million contract, led the Saints to the 2009 Super Bowl championship. He threw for 4,620 yards and 33 touchdowns last season as the Saints returned to the playoffs as a wild card, losing at Seattle in the first round.
Brees joined the Saints in 2006, leading the team to the NFC Championship Game the year after Hurricane Katrina devastated the city and raised doubts about whether the team would remain in Louisiana. The Saints have made the playoffs three times in Brees' five seasons in New Orleans.
"Obviously in so many ways New Orleans has come back better -- while in one moment you say, 'Look how far we've come,' you also have to say, 'What's still left to do?' " Brees said Monday of his time in the city. "And I think that's definitely motivation for all of us just to continue on. It's gone by fast. That's where you just have to say, 'Life does go by fast.' And so let's take advantage of every opportunity we have and improve our place to live."
ESPN.com NFC South blogger Pat Yasinskas contributed to this report.