The Tampa Bay Buccaneers signed defensive tackle Gerald McCoy to a seven-year contract extension Saturday.

The team announced that the deal makes McCoy the highest-paid defensive tackle in the NFL. According to reports, the deal is worth $98 million with $51.5 million guaranteed.

McCoy, 26, was in the final year of his contract. The new deal is through 2021.

The team scheduled a press conference for Monday at 4 p.m. ET.

“From the moment (coach) Lovie (Smith) and I arrived here, we knew it was vital for us to keep Gerald in Tampa Bay long term as one of the cornerstones of our franchise,” general manager Jason Licht said in a statement. “With the backing of the Glazer family, we were able to accomplish that. On the field, Gerald is one of the best players in the National Football League, who has been extremely productive and will be for years to come.

“We are happy to reward someone that has a rare work ethic, which not only makes him an elite player, but serves as an example for our entire team. His commitment, character and leadership are attributes that make him a truly special person, who will play a pivotal role in our future success.”

The Bucs made McCoy the No. 3 overall pick in the 2010 draft. He has started all 56 games that he has played, earning trips to the Pro Bowl in each of the past two seasons. He also received first-team Associated Press All-Pro honors in 2013 when had career highs with 9.5 sacks, 50 tackles and four pass breakups.

Last season, Pro Football Focus rated McCoy first in the NFL among defensive tackles. He led the league with 79.5 combined sacks, quarterback hits and pressures, topped all defensive tackles with 15 tackles for loss and was fourth at the position in sacks.

McCoy has 17 tackles, including six for loss, two sacks and one pass breakup in five games this season.