According to ESPN, Jefferson will get $110 million guaranteed in the deal that's worth as much as $140 million, with more than $88 million at signing.
Jefferson, who has the most receiving yards in league history through a player's first four seasons, had entered the final year of his rookie deal. The two sides came "unbelievably close" to an extension last summer, general manager Kwesi Adofo-Mensah said earlier this spring.
Jefferson missed seven games last season with a hamstring injury and still reached 1,074 receiving yards. The 2022 AP NFL Offensive Player of the year was the 22nd overall pick in the 2020 draft out of LSU.
"Justin has consistently proven to be one of the best players in the NFL on and off the field and we are excited about having him as a cornerstone of our team for a long time to come," Adofo-Mensah said in a statement distributed by the Vikings. "He is the living embodiment of our culture with his joyful dedication to process and our goals."