A source told Schefter that Shields will earn $30 million over the first three seasons -- $15 million in the first year, $6 million in the second year, and $9 million in the third year.
The Packers announced the signing on Monday, but did not confirm the terms of the deal.
Last season, Shields emerged as the Packers' top cover cornerback while playing for the restricted free-agent tender of $2.023 million.
The former undrafted free agent, who was a receiver for most of his college career at Miami, tied his career high with four interceptions in 14 games, including a game-changing pick in the Week 15 win over the Dallas Cowboys.
Once viewed as just as speed corner, he has turned into a well-rounded player who often was given the assignment of covering the opponent's best receiver.
Shields' agent, Drew Rosenhaus, announced the deal on Twitter:
Congrats to RSR client Sam Shields & the Green Bay Packers on the new contract!
- Drew Rosenhaus (@RosenhausSports) March 9, 2014
Shields also acknowledged the deal on Twitter Saturday night:
- Sam shields (@ShieldSam37) March 9, 2014