Reigning NFL MVP Matthew Stafford and the Los Angeles Rams reached agreement Thursday on a one-year, $55 million extension, sources told ESPN.

The deal for the star quarterback can rise to as much as $60 million with incentives, sources said.

Stafford is now tied to Los Angeles through the 2027 season, with $105 million remaining on his contract.

The Rams announced the extension but did not disclose terms.

In an offseason in which the Rams used the No. 13 pick in the NFL draft on Ty Simpson, a quarterback viewed as his eventual successor, Stafford gets a significant raise that puts him among the QBs earning more than $50 million per season.

The Rams won a Super Bowl with Stafford in 2021, a game that was played at SoFi Stadium, the team's home field. Stafford will turn 39 on Feb. 7, one week before the Super Bowl in Los Angeles -- again at SoFi.

This year will be Stafford's 18th in the NFL.

He's coming off an MVP campaign -- his first -- in which he lead the NFL with 4,707 passing yards, as well as a career-high 46 passing touchdowns and only eight interceptions.

There was some thought that Stafford could retire, but when accepting his MVP award in February, he announced that he would return for the 2026 season.

"I'll see you guys next year," he said then. "Hopefully, I'm not at this event and we're getting ready for another game at SoFi."

Stafford's 64,516 regular-season passing yards rank sixth in NFL history -- 1,758 behind Aaron Rodgers.