(FOXBOROUGH, Mass.) -- Quarterback Tom Brady and the New England Patriots have agreed to a three-year contract extension worth $27 million, according to ESPN.

The 35-year-old Brady will also receive a signing bonus of $3 million. The extension begins with the 2015 season, in which he will make $7 million, followed by $8 million in 2016 and $9 million in 2017.

The contract will provide the Patriots with $15 million of salary cap relief over the next two seasons.

The two-time NFL MVP tossed for 4,827 yards and 34 touchdowns last season, leading New England to the AFC Championship Game, where they lost to the Baltimore Ravens, 28-13.

In 13 years with the Patriots, Brady has won three Super Bowl championships.

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