FLOWERY BRANCH, Ga. -- Michael Vick agreed to a 10-year contract worth more than $100 million with the Atlanta Falcons that also guarantees the star quarterback an NFL-record $37 million in bonuses, an official close to the negotiations said Thursday.
Vick's contract surpasses the $98 million deal Indianapolis quarterback Peyton Manning signed in March. Manning was guaranteed $34.5 million in bonuses.
The deal was first reported by the Atlanta Journal-Constitution on its Web site.
ESPN.com's Len Pasquarelli reports that the deal, barring last minute snags, will be announced by the club during a Thursday afternoon news conference. There remains some detail work to be done on the contract and some elements of contract language must still be approved by the league.
The official, who requested anonymity, said Vick reached incentives in his original contract, a six-year, $62 million deal, that would have allowed him to void the 2005 and 2006 seasons next month. Had he done so, the 24-year-old Vick would have become an unrestricted free agent on March 2.
"We've said on numerous occasions that this franchise is committed to bringing a world championship to the city of Atlanta, the state of Georgia, as well as to building a sustainable winning organization consistently in the hunt," Falcons owner Arthur Blank said in a statement. "Today's contract extension for Michael, in our opinion, moves us closer to achieving those goals."
Vick, the No. 1 overall draft pick of 2001, has a 24-12-1 career record. He is 14-4 since returning from a broken ankle last year, and this season led the Falcons to just the third division title in franchise history.
Atlanta earned a first-round bye in the NFC playoffs with an overtime victory over Carolina last week. The Falcons (11-3) visit New Orleans on Sunday, but Vick missed his second straight practice Thursday because of an injured left shoulder.
Vick, chosen Wednesday to his second Pro Bowl, needs 80 yards to break the single-season record for rushing by a quarterback, set by Chicago's Bobby Douglass in 1972.
In a Week 8 victory at Denver, Vick became the first player in league history to rush for 100 yards and pass for 250 in a single game.
