The deal is worth $59 million and includes $35.7 million guaranteed, a source told ESPN's Adam Schefter.
"I tried not to think about it too much, tried not to worry about it, and just knew that if I kept doing what I can do on the field, that this day would come eventually," Goedert said. "And shoot, it was well worth the wait."
Goedert, 26, revealed this offseason that the Eagles and his representation had opened talks about an extension. However, those talks were put on hold when it was determined that veteran tight end Zach Ertz was going to be with the team to start the season.
Ertz was traded to the Arizona Cardinals prior to the trade deadline, allowing for negotiations with Goedert to resume.
Goedert, the team's second-round pick in the 2018 NFL draft, ranks second on the Eagles in targets (39), catches (29) and receiving yards (429) this season. He has 1,894 yards and 14 touchdowns since entering the league.
"Really excited for him," Eagles coach Nick Sirianni said. "He's the type of guy that we just think the world of him. We think he's a great football player, great on and off the field."