The NFL could have a new contract king.

The Oakland Raiders and Derek Carr are close to finalizing an extension that will pay the star quarterback around $25 million a year, league sources told ESPN’s Adam Schefter.

Andrew Luck is currently the NFL’s highest-paid player, earning just under $24.6 million a year on a contract the Indianapolis Colts quarterback signed last offseason.

It’s unclear if Carr will actually top Luck’s numbers, but Schefter expects the Raiders’ franchise player to be at or near the top of NFL’s highest-paid players list.

While the two parties are still ironing out some of the contract’s language Wednesday, the deal could be announced as early as the end of the week, added Schefter.

Carr tweeted shortly after the news broke to clarify that the deal wasn’t done quite yet.

Carr is coming off an MVP-worthy campaign in just his third NFL season, leading the Raiders to a 12-3 record before suffering a season-ending leg injury in Week 16.

The 26-year-old’s value to the team was further highlighted by his injury, as the Raiders limped into the playoffs – the team’s first postseason appearance since 2002 – and were immediately bounced.

With Carr almost locked down, the Raiders could turn their attention to Khalil Mack, though Oakland has more time to extend the star defensive end thanks to his fifth-year option – a luxury they didn’t have with Carr, who was a second-round pick in 2014.

Carr’s deal will also likely be the domino that pushes forward negotiations for Matthew Stafford and Matt Ryan. Both are expected to receive extensions this offseason that could top Luck’s record annual salary.

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