The quarterback agreed to a two-year extension with the Vikings for $66 million, NFL Network Insider Ian Rapoport reported, per Cousins' agent Mike McCartney.
"Julie and I are thrilled to be staying in Minnesota for the next several years," Cousins said in a statement Tuesday. "People have embraced us and treated our family incredibly well. We also believe we are building something special at the Vikings. We know how much this team means to the fans and the state, and we want to do everything we can to help this team bring a championship home."
Cousins, who signed a three-year $84 million fully guaranteed contract in 2018, had been set to enter the final year of his contract. The new deal puts him in the books for $96 million over three years with $61 million guaranteed at signing, Rapoport added.
NFL Network's Tom Pelissero reported the extension clears $10 million in cap space for Minnesota, which was in the bottom third of the league entering the legal tampering period. Cousins was set to count $31 million against the salary cap in 2020.
"Kirk has proven he's one of the top quarterbacks in this league and has continued to improve and progress each day since he arrived here," general manager Rick Spielman said in a statement.
"I thought he did a great job of understanding the scheme and what we're trying to do with each game plan," coach Mike Zimmer said in a statement. "I thought he studied his rear end off, as far as trying to get prepared each and every week, and I thought the coaches did a great job with him. We're looking for him to continue to get better and keep going forward with him."