Terms of the deal haven't been reported.
Ferguson was the Jets fourth overall pick in the 2006 NFL draft and earned a trip to his first Pro Bowl in 2009. He signed a five year deal as a rookie so Ferguson was entering the final year of his deal (with an option for another year).
We knew both sides were interested in getting something done but this report from ESPN.com in June suggested you could "take it to the bank" that Ferguson's deal would have to wait until 2011.
Take this to the bank (no pun intended): C Nick Mangold, LB David Harris and LT D’Brickashaw Ferguson will not get contract extensions in 2010. The Jets have yet to begin negotiations with any of the players and, considering the uncertainty of the CBA, the organization is showing no sense of urgency. The Jets probably won’t admit this publicly, but I think they’ve already made a decision to wait.
Apparently not. Other reports suggested Ferguson would be the first of the "core four" to get a new deal.
Details of Ferguson's deal should be coming out shortly.
It's unclear what this might mean for other Jets looking for new contracts including Darrelle Revis, David Harris and Nick Mangold.
For more on the Jets, check out Gang Green Nation.