Mike Klis of the Denver Post reports that the Denver Broncos and the representatives for 32-year old cornerback Champ Bailey are discussing a contract extension.

"With respect to the process between our organization and Jack Reale (Bailey's agent), we'd rather keep things private," Broncos general manager Brian Xanders said. "We acknowledge we're in talks."

Bailey, 32, will earn $13 million in total compensation in 2010, the final year of the seven-year, $63 million contract he signed upon his arrival in Denver in a 2004 trade with the Washington Redskins that also involved running back Clinton Portis.

Since arriving in Denver, Bailey has started 67 passes defensed and 28 interceptions, three of which he's returned for touchdowns, and has made 5 Pro Bowls. Bailey was named to the NFL's All-Decade Team for the 2000s, listed on the first-team alongside Green Bay Packers cornerback Charles Woodson, who agreed to a two-year extension on Thursday that added $33 million in new money, including $13 million to the three seasons Woodson had remaining on his current contract.