The Chiefs are going to exercise the fifth-year option for star quarterback Patrick Mahomes, according to NFL Network's Ian Rapoport. Mahomes, who is less than three months removed from leading the Chiefs to their first Super Bowl win in 50 years, will remain in Kansas City through the 2021 season, and almost certainly longer.

Rapoport added that the Chiefs, as expected, are hoping to lock up Mahomes to a long-term deal. Back in January, CBS Sports NFL insider Jason La Canfora reported that the Chiefs are preparing to offer Mahomes a record-setting contract that would pay him at least $40 million a season. The 10th overall pick in the 2017 draft, Mahomes is entering the final original year of his four-year, $16.4 million rookie contract.

If Mahomes plays under his fifth-year option in 2021, he would make $24,837,000, according to CBS Sports Contributor Joel Corry. As it currently stands, that would make him the sixth-highest paid quarterback in the NFL, according to Spotrac. Rams quarterback Jared Goff currently tops the list of 2021 quarterback cash rankings with $27.5 million, followed by Jimmy Garoppolo, Carson Wentz, Drew Brees and Tom Brady. Dak Prescott, who was franchise tagged by the Cowboys earlier this offseason, is expected to receive a lucrative deal from either the Cowboys or another NFL team that will likely place him in the top five among the highest-paid quarterback, and possibly right at the top of the list.

Earlier this week, Chiefs general manager Brett Veach addressed the Chiefs' current status as it relates to signing Mahomes to a long-term contract before the start of the 2020 season. Veach also addressed the contract status of defensive tackle Chris Jones, who was franchise tagged by the team earlier this offseason.

"I would like to think that we're fairly confident, and we have a lot of time," Veach said, via NFL.com's Jelani Scott. "(They're) cornerstones in this organization. We do have some time, and now that the draft is over, and the free agency period here with the pandemic and the virtual draft, there was certainly a lot of distractions. But now that this is behind us here, we have a window now that we can kind of reset as an organization." 

The first player in NFL history to win league and Super Bowl MVP honors before his 25th birthday, Mahomes has taken the league by storm since being named the Chiefs' starting quarterback in 2018. Over the past two years, Mahaomes has completed nearly 66% of his passes with 76 touchdowns and 18 interceptions during the regular season. This past postseason, Mahomes threw 10 touchdowns against just two interceptions while leading Kansas City to a come-from-behind win over the 49ers in Super Bowl XLIV.

Last month, Mahomes told CBS Sports NFL insider Jonathan Jones that he is optimistic that he will remain in Kansas City for the forseeable future.

"Obviously I want to be in Kansas City for a long time with the organization that we have and the team that we have," Mahomes said. "I've always been a believer that if you treat people the right way and you do things the right way, that stuff kind of handles itself. I know that Kansas City will hopefully do right by me and I'll do right by them of just going out there and handling myself on the field, and that that contract stuff will get done and I'm able to play in Kansas City for a long time."