The NFL rumor site ProFootballTalk.com reported that the sides have reached an agreement for a two-year deal that would replace the final two seasons of his rookie contract. That report cited a league source, although Gronkowski's agent, Drew Rosenhaus, denied that a deal had been agreed upon.
More reliable sources, like NFL Network reporter Albert Breer, later tweet that the sides are indeed in negotiations but that "nothing's done."
Former NFL Network reporter Jason La Canfora, who now works for CBS and CBSsports.com, tweeted that the sides were very close on a new deal that "reworks and extends" Gronkowski's contract. La Canfora indicated that the deal could be done today.
Gronkowski, who's coming of the best season in the history of the NFL for a tight end, is currently rehabbing from February ankle surgery. He has been in attendance at recent Patriots OTA workouts, working with the team's training staff on the sidelines.
The final two seasons of Gronkowski's rookie contract had been scheduled to pay him salaries of $540,000 and $575,000 in 2012 and 2013, respectively.
Regardless of whether it comes as a reworked deal, extension or combination of the two the NFL's best all-around tight end is likely in for a large raise.
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UPDATE — 12:25 p.m.
According to ESPN's Adam Schefter, Gronk and the Patriots have agreed to a six-year extension, worth $54 million, making him the highest paid tight end in NFL history. La Canfora says Gronk gets an $8 million signing bonus, and Breer adds that the deal includes the current two years remaining on Gronk's rookie deal. That means the total value of his contract is now 8 years, more than $55 million.