Mahomes, 24, led the team to its second Super Bowl title in February, picking up Super Bowl MVP along the way. As it stands, Mahomes is under contract with the Chiefs for the next 12 seasons.
The Chiefs traded up in the 2017 draft to select Mahomes with the 10th overall pick.
While the exact terms have not been revealed, Schefter also reports that Mahomes' contract could be tied to a percentage of the salary cap each season.
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Gomes was once billed a future Manchester United first-team regular having impressed for the club's youth teams in recent years. Rashford has since gone on to score 64 goals in 204 first-team appearances in all competitions for Manchester United .
With the power of simple addition on our side, it is reasonable to assume his deal will be at least $427 million in total, which would break Los Angeles Angel Mike Trout's record-setting contract of 12-years, $426.5 million - which is now the most expensive contract in North American sports history.
Before the extension, Mahomes was still on his rookie deal, a four-year, $16,425,786 deal that had a fifth-year option added. Meanwhile, the highest-paid player in the National Football League by average annual salary is Seattle Seahawks quarterback Russell Wilson, who is now playing on a four-year, $140 million contract that pays him $35 million per season.
Mahomes was set for a large pay raise and the Chiefs have said throughout the offseason that taking care of him is their top priority.