Russell Wilson, Seahawks agree to contract extension; reported at $87.6 million

SEATTLE -- After months of speculation and hand-wringing, the Seattle Seahawks and quarterback Russell Wilson have reportedly agreed to a contract extension.

Peter King of Sports Illustrated tweeted about the news of the extension just before 7 a.m. Friday. The deal reportedly includes a $31 million signing bonus and $60 million in guarantees.

Wilson and the Seahawks confirmed the news of the extension Friday morning. However, the exact dollar amounts were not released.

The deal reportedly makes Wilson the second highest paid quarterback in the league, just after Aaron Rodgers of the Green Bay Packers.

Ian Rapoport of the NFL Network said Wilson and the Seahawks worked deep into the night to get the deal done ahead of training camp, which starts Friday morning.

Wilson was entering the final year of his four-year rookie contract. The young quarterback has won more games in his first three years in the league than any other quarterback in the history of the NFL. In signing a four-year extension, Wilson will enter the final year of his deal at 30 years old, potentially setting him up for another big contract.

In 2014, Wilson passed for 3,475 yards with 20 touchdowns and 7 interceptions, leading the team to a second-straight Super Bowl.

This story is breaking and will be updated as more information becomes available.