The Chiefs wanted to make sure they kept the Super Bowl champion quarterback around as long as possible and they have done that by extending his stay for a further 10 years.

Now they have the 24-year-old under contract through 2031 in what Chiefs chairman Clark Hunt calls a “significant moment.”

“Since he joined the Chiefs just a few years ago, Patrick has developed into one of the most prolific athletes in all of sports,” Hunt said in a statement about Mahomes who led the Chiefs to their first championship in 50 years.

“I’m delighted that he will be a member of the Chiefs for many years to come.”

The Chiefs had the 2018 NFL MVP under contract for the next two seasons but that wasn’t nearly enough.

“Here to stay,” Mahomes wrote on Twitter.

It has been reported that the deal includes an injury guarantee of $140m ($A201m).

The Chiefs already had picked up their fifth-year option in April on Mahomes, who had been due to make $825,000 ($A1.2 million) on the final year of his rookie contract this season, to keep him around at least through 2021.

MLB superstar Mike Trout of the Los Angeles Angels in 2019 signed a contract extension worth $426.5 million ($A611.5 million).

Seattle Seahawks quarterback Russell Wilson’s four-year, $140m ($A200 million) extension with the franchise in 2019 has an average annual value of $35 million ($A50m).

The Chiefs traded up to select Mahomes 10th overall in the 2017 draft, and he spent one season learning the ropes under Alex Smith before getting the starting job.

Mahomes proceeded to shatter just about every franchise passing record while winning the league MVP award, and he had the Chiefs within overtime of landing in the Super Bowl that season.

He is 24-7 as a starter, completing 65.9 per cent of his passes with 76 touchdowns and only 18 interceptions.

Mahomes is 724 of 1,099 for 9,412 yards passing averaging 303.6 yards per game.

-AAP