As it stands today, Goodell's current contract is set to expire in 2019.
Goodell, 58, has been the top executive in the nation's most popular sport since September 1, 2006, when he succeeded Paul Tagliabue.
But ESPN's Adam Schefter tweets that it's not all smooth sailing with Goodell's new contract.
Goodell earned more than $31 million in the league's 2015 fiscal year, according to a tax filing.
Though the deal is likely to get done, the committee of owners working out the contract still has issues to work out, according to ESPN. He butted heads with Patriots owner Robert Kraft over Tom Brady's suspension related to Deflategate, and recently, Goodell suspended Cowboys running back Ezekiel Elliott, a development which reportedly left Cowboys owner and general manager Jerry Jones furious.
An NFL spokesperson, in a statement to HBO, said the league tried to engage the union in drafting a tougher policy but said the union had no interest.
Goodell's extension comes as the National Football League continues to wrestle with the concussion and domestic violence issues.
NFL Players Association executive director DeMaurice Smith told The MMQB last week that an NFL strike or lockout in 2021 is 'almost a virtual certainty'. Players have no more leverage than they did when Goodell took over the league, and he is willing to be the judge, jury, and executioner in every player discipline case to ensure that they do not feel empowered.