Cincinnati Bengals quarterback Joe Burrow will have the NFL's highest-ever salary by yearly average after agreeing to a five-year, $275 million extension with the team, according to multiple reports Thursday.

ESPN's Adam Schefter was the first to report the news, citing unnamed sources.

The extension pays the 26-year-old $55 million per year and includes $219.01 million guaranteed, according to Schefter.

CNN has sought comment from the Bengals and Burrow's representation.

The $55 million per year surpasses the average salary of Los Angeles Chargers quarterback Justin Herbert, who averages $52.5 million per year, according to sports salary tracking website Spotrac.

Burrow was asked about the possibility of signing an extension with the team while speaking to reporters on Wednesday.

"This is where I want to be my whole career," Burrow said. "We're working toward making that happen. You know you've seen what the front office has done, and what (coach) Zac (Taylor) has done in their time here.

"I'm a small part of that and I'm excited to be a part of that. We have great people in the locker room that grind every day, that are excited to go and showcase their talents and excited to do it in the city of Cincinnati. We have the best fans. This is where I want to be."

Burrow, who was the first pick in the 2020 NFL Draft out of Louisiana State University, is entering his fourth year in the league.

Burrow's rookie season was derailed after tearing his ACL and MCL in his left knee. He has since helped lead the Bengals to two consecutive AFC championship game appearances in 2021 and 2022, and a trip to Super Bowl LVI, which the Bengals lost to the Los Angeles Rams.

Burrow led the Bengals to a 12-4 record last season, throwing for 4,475 yards, 35 touchdowns and 12 interceptions. The Bengals would go on to lose to the Kansas City Chiefs in the AFC Championship game.

The Bengals are scheduled to open their 2023 regular season on the road against the Cleveland Browns, a divisional rival, on Sunday.