Under terms of the deal, Cutler will get $20 million in guarantees in this two-year extension, the source confirmed. Under terms of the rookie contract Cutler signed as a rookie with the Broncos, he was scheduled to make $20 million through 2011.
"Thanks to the Bears, the McCaskey family and all the Bears fans for the support," Cutler wrote Tuesday night on his Twitter page.
With the possibility of a lockout in 2011, Cutler and his agent, Bus Cook, decided to secure some guaranteed money by getting a new deal. With the new contract, Cutler will make around $50 million over the next five years.
Acquired in a blockbuster trade from Denver in the offseason, the Pro Bowl quarterback has completed 110 of 172 passes with 1,201 yards, 10 touchdowns and seven interceptions while leading Chicago to a 3-2 record. With a 64.0 completion rate and 240.2 yards passing per game, he is on pace to set club single-season records.
Drafted 11th overall by Denver in 2006, Cutler has thrown for 10,225 yards, 64 touchdowns and 44 interceptions while completing 872 of 1,392 passes.
He made his first Pro Bowl last season while setting a Broncos record with 4,526 yards, but a falling out with new coach Josh McDaniels ultimately led to the trade to Chicago. In return, the Broncos got quarterback Kyle Orton along with two first-round draft picks and a third-rounder.
John Clayton is a senior writer for ESPN.com. Information from The Associated Press was used in this report.