The Baltimore Ravens and Pro Bowl kicker Billy Cundiff have agreed on a contract extension, ESPN's Adam Schefter reports.

According to Schefter, the five-year deal is worth $15 million, and will be signed this week.

Cundiff is headed to his first Pro Bowl after connecting on 26-of-29 field goal attempts and leading the NFL with 40 touchbacks, which tied an NFL single-season record.

At a reported $3 million per year, the extension will make Cundiff one of the highest paid kickers in the NFL, even with Tennessee's Rob Bironas, and behind only Oakland's Sebastien Janikowski and New England's Stephen Gostkowski.