Las Vegas Raiders quarterback Derek Carr has agreed to a three-year contract extension worth $121.5 million, a source confirmed to ESPN's Jeremy Fowler.

Carr received a no-trade clause as part of the deal, the source told Fowler.

The deal, which was first reported Wednesday by NFL Network, keeps Carr under contract with the Raiders through the 2025 season.

Carr, 31, is entering the final year of his current contract with the Raiders and will make just under $19.8 million in base salary in 2022. The three-time Pro Bowler has spent his entire eight-year career with the Raiders after being drafted by them in the second round in 2014.

Carr passed for a career-high 4,804 yards and 23 touchdowns in 2021, leading the Raiders to a 10-7 record and wild-card spot in the AFC playoffs -- their second postseason appearance since 2002 -- despite a turbulent season marked by the resignation of coach Jon Gruden and the arrest of receiver Henry Ruggs III.

Carr is the Raiders' all-time leader in passing yards (31,700) and touchdown passes (193).

Carr's extension is the latest move in a busy offseason for the Raiders, who are seeking a return to the postseason in 2022 despite playing in the suddenly competitive AFC West.

The Raiders' marquee offseason move was to sign Davante Adams -- a teammate of Carr's at Fresno State -- to a record-setting deal after acquiring the star receiver in a trade with the Green Bay Packers. Las Vegas also signed edge rusher Chandler Jones to bolster the pass rush.

Carr is the longest-tenured quarterback in the AFC West, which also features 2018 MVP Patrick Mahomes in Kansas City, third-year star Justin Herbert of the Los Angeles Chargers and newcomer Russell Wilson in Denver.