According to a report from NFL Media, that deal is now done. Brees is set to sign a two-year deal worth $50 million. The deal includes $27 million in guaranteed money.
The per-year average of $25 million slots Brees in behind Jimmy Garoppolo and Matthew Stafford with Kirk Cousins yet to sign a deal this offseason. Packers quarterback Aaron Rodgers and Falcons quarterback Matt Ryan are also expected to get extensions in the near future.
With Chase Daniel also set for free agency, Taysom Hill is the only other quarterback under contract in New Orleans at the moment so the team may be in the market for another player to fill out the depth chart as the offseason rolls on.