The deal will add five years onto the existing life of Hernandez's contract, locking him up through 2018, according to Mike Reiss of ESPNBoston.com.
Hernandez has been an integral part of Bill Belichick's offense in the past two campaigns. The versatile tight end out of Florida University has been lined up anywhere from his natural position at tight end to running back, as seen most famously against the Denver Broncos in the 2011 playoffs.
The 22-year-old has been terrific in his initial two years with New England. Last year, Hernandez was overshadowed by his more famous teammate Rob Gronkowski, but still managed 910 receiving yards and seven touchdowns.
With both Hernandez and Gronkowski in the fold for years to come, the Patriots will present a nightmare to opposing defensive coordinators who need to account for both of these pass-catching giants.