Derek Carr and the Las Vegas Raiders have agreed to terms on a three-year contract extension worth $121.5 million, NFL Network’s Ian Rapoport and Mike Garafolo reported Wednesday.

The extension runs through the 2025 season and includes a no-trade clause, Rapoport and Garafolo said.

The yearly average of $40.5 million for Carr’s extension ranks fifth among all NFL quarterbacks in average annual salary.

The former Fresno State standout set the franchise’s single-season record by passing for 4,804 yards in 2021.

Expectations by the Raiders organization are that Carr will become even more prolific in 2022 with the addition of former Fresno State standout Davante Adams to the team’s receiver corps.

Read more at NFL Network.