The team later confirmed the signing.
The 2013 first-round pick entered the season set to earn $8.026 million in the final year of his rookie contract.
Rhodes, at 6-foot-1, owns the perfect blend of physicality and speed to play on the outside of Mike Zimmer's aggressive defense.
In 2016, Rhodes led the Vikings with a career-high five interceptions -- most by a Minnesota player since 2003. The corner allowed the second-lowest reception percentage among all players targeted at least 75 times (49.4 percent), per NFL Research.
The deal for Rhodes comes days after the Vikings signed defensive end Everson Griffen to a big-money contract extension, and Rapoport added on Inside Training Camp Live that a new deal for Anthony Barr likely is coming up next. Keeping its talent in Minnesota ensures Zimmer's D will continue its stingy play well beyond 2017.