Verlander, who is eligible for arbitration, told the Detroit News last week he wants to "take care of this season first."
A five-year deal would cover Verlander's last two years of arbitration eligibility and first three years of free-agent eligibility.
Seattle's Felix Hernandez has been compared to Verlander; Hernandez recently agreed to a five-year contract for $78 million.
Verlander, 26, was 19-9 last season and led the league with 240 innings and 269 strikeouts. He finished third in AL Cy Young Award voting.
Tigers general manager Dave Dombrowski, in response to a call from the News, said: "No change. We hope Justin will be with us for a long time."