The station, co-operated by former Panthers general manager Marty Hurney, reported the deal could be done as early as Monday and is likely to run through 2020.
Newton, the first pick of the 2011 draft, is in the final year of his rookie contract. Carolina exercised the fifth-year option on that deal last year, meaning Newton was set to make $14,666,666 in 2014 before an extension.
The radio station reported Newton's new deal, based on the current market, is likely to be worth between $20 million and $21 million a year.
Newton is a two-time Pro Bowl selection. His overall record is 30-31-1, 1-2 in the playoffs.
Team officials declined to comment. Newton's representatives could not be reached for immediate comment.