The Denver Post first reported that the deal was for $134 million over seven seasons.
All told, the deal is worth $157.75 million in guaranteed money over the next 10 years, sources said.
Tulowitzki is already under contract from 2011 through 2013, and those terms hold. He'll earn $5.5 million in 2011, $8.25 million in 2012 and $10 million in 2013.
But under the extension, his salary will jump substantially, to $16 million in 2014 and $20 million yearly from 2015 through 2019. He will have a $14 million base salary in 2020, which could increase by as much as $6 million in escalators based on his 2019 performance -- for example, if he makes the All-Star team or wins a Gold Glove.
The team has a $14 million option for 2021, with a $4 million buyout. That option year also includes the same escalator pakage as in 2020.
The Rockies have scheduled a news conference for Tuesday.
Colorado general manager Dan O'Dowd didn't return messages seeking comment, The Associated Press reported.
Tulowitzki won his first Gold Glove and NL Silver Slugger awards this year, when he hit .315 with 27 homers and 95 RBIs despite missing 33 games with a broken wrist.
The Post also reported that the Rockies have agreed with left-hander Jorge De La Rosa on a two-year, $21.5 million deal, pending the completion of a physical exam.
That deal includes a player option for a third year that could increase the deal's value to $32 million, as well as an $11 million team option for a fourth year that would take effect if De La Rosa exercised his option for the third year.
Buster Olney is a senior writer for ESPN The Magazine. ESPN Insider Keith Law and The Associated Press contributed to this report.