Sources: Jennings close to extension

The Green Bay Packers and wide receiver Greg Jennings are in the process of finalizing a three-year extension that will keep him with the team through 2012.

According to a source, Jennings could make $27 million in new money with the deal, but if he performs at a Pro Bowl level, his new contract could be worth as much as $30 million. Jennings was in the last year of his rookie contract and was scheduled to make $535,000.

Jennings will earn slightly in excess of $16 million in guarantees, a source told ESPN.com's Len Pasquarelli. The source also said that the structure of the contract is more front- than back-loaded.

Though both sides have come to an agreement on the numbers, a couple things have to be worked out as far as the language of the contract. First, it must be approved by the NFL Management Council. Second, it has to be signed by both parties. The plan is to try to get the final draft ready in the next couple of days.

Jennings is coming of an 80-catch, 1,292-yard season in which he caught nine touchdown passes and was a Pro Bowl alternate. He was a second-round choice of the Packers in 2006 and has developed into one of the top young receivers in the game.

John Clayton is a senior writer for ESPN.com.