The deal, which was first reported by the Boston Herald, runs through 2012. It includes a $425,000 signing bonus and base salaries of $550,000 in 2011 and $700,000 in 2012 that can increase with playing-time incentives, according to the Herald.
Woodhead signed a one-year contract with the Patriots on Sept. 18 after being released by the New York Jets. Woodhead would have been a restricted free agent in the offseason, but the deal locks Woodhead in for an extra year, while reportedly giving him some money up front.
Prior to Thursday's game against the Lions, Woodhead had 56 carries for 312 yards and three touchdowns this season, along with 22 receptions for 217 yards and one receiving touchdown.
Mike Reiss covers the Patriots for ESPNBoston.com.