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Originally published Monday, February 25, 2013 at 7:02 PM

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Tom Brady signed with Patriots through 2017 | NFL

Tom Brady will be a New England Patriot until he is 40 years old. Brady agreed to a three-year contract extension with New England on Monday...

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Tom Brady will be a New England Patriot until he is 40 years old.

Brady agreed to a three-year contract extension with New England on Monday, a person familiar with the contract told The Associated Press. The extension is worth about $27 million and will free up nearly $15 million in salary cap room for the team, which has several younger players it needs to re-sign or negotiate new deals with.

The person spoke on condition of anonymity because the extension has not been announced.

Sports Illustrated first reported the extension.

The 35-year-old two-time league MVP was signed through 2014, and has said he wants to play at least five more years.

A three-time Super Bowl champion, Brady will make far less in those three seasons than the going rate for star quarterbacks. Brady currently has a four-year, $72 million deal with $48 million guaranteed.

Drew Brees and Peyton Manning are the NFL's highest-paid quarterbacks, at an average of $20 million and $18 million a year, respectively.

Brady has made it clear he wants to finish his career with the Patriots, whom he led to Super Bowl wins for the 2001, 2003 and 2004 seasons.

Smith appears set to leave San Francisco

SANTA CLARA, Calif. — Alex Smith appears closer to leaving the 49ers next month after reports this week linked him to Kansas City.

League sources said the 49ers are not locked into a deal but that team officials have told others at the scouting combine in Indianapolis that they are confident a trade will be made and that they plan to have 15 picks in the April draft.

No trades can be finalized until the league calendar begins March 12, and the 49ers will keep the trade window open until that point. Three days after that, however, the 49ers will owe Smith a $1 million roster bonus. If he remains on the roster on April 1, they will owe him his full $8.5 million salary.

Joe Montana and Steve Bono both went to Kansas City after playing for the 49ers, and former 49ers quarterbacks Steve DeBerg and Elvis Grbac also had stints with the Chiefs.

Notes

• The Philadelphia Eagles have released veteran defensive tackles Cullen Jenkins and Mike Patterson. Jenkins signed a five-year, $30 million contract with the Eagles in 2011 and started every game the last two seasons. He was due to make $5.5 million this season, but rebuilding Philadelphia cut the 32-year-old Jenkins.

• Linebacker Manti Te'o's first appearance on a football field since the BCS Championship Game didn't go as well as planned.

The Notre Dame star and Heisman Trophy runner-up was clocked at 4.82 seconds in the 40-yard dash. NFL Network draft analyst Mike Mayock had said Sunday anything faster than 4.7 would be "phenomenal." Anything 4.8 or over would be a "concern."

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