The Packers announced Wednesday that they had struck a new deal with Jennings, a second-round draft pick in 2006 who has blossomed into one of the league's most dangerous receivers.
Terms were not disclosed, but the new deal was expected to put Jennings among the NFL's highest-paid receivers. Jennings originally was due to make $535,000 in 2009, the final year of his rookie contract.
ESPN.com's John Clayton reported Tuesday night that according to a source, Jennings could make $27 million in new money with the deal, but if he performs at a Pro Bowl level, his new contract could be worth as much as $30 million.
Jennings will earn slightly in excess of $16 million in guarantees, a source told ESPN.com's Len Pasquarelli. The source also said that the structure of the contract is more front- than back-loaded.
Information from The Associated Press was used in this report.