Tom Brady agrees New England Patriots contract extension

Tom Brady has agreed a three-year contract extension that will keep him with the New England Patriots until he is 40 years old.

The 35-year-old has reportedly also agreed to take a substantial paycut in order to clear room in the salary cap for the Patriots and help the franchise stay competitive.

Brady's future has been the subject of intense speculation in the off season but Sports Illustrated has learned that he has decided to extend his career-long association with the Patriots until 2017.

Since being drafted by New England in 2000, Brady has won two Super Bowls and been picked for the Pro Bowl eight times.