Carson Palmer extension worth $50M

— -- The Arizona Cardinals said Friday that they have signed quarterback Carson Palmer to a three-year contract extension that keeps the two-time Pro Bowler under contract with the team through 2017.

Terms were not disclosed, but a source confirmed to ESPN NFL Insider Adam Schefter that the deal is worth $50 million in total. Palmer, 34, was set to become a free agent after this season. The new deal is guaranteed through 2015, a source told Schefter.

CBSSportsLine.com earlier reported terms of the deal.

"Carson has played at an incredibly high level and has been a huge part of the team's success," general manager Steve Keim said. "When you combine his on-field performance with the leadership, stability and professionalism he brings to our team, there was no question that we wanted to extend the relationship and we are excited he felt the same way."

Palmer joined the Cardinals in 2013 after being acquired in a trade from the Oakland Raiders. Since coming to the Cardinals, Palmer has a 15-6 record in his 21 starts in Arizona, which represents the best record for a modern-era Cardinals QB through his first 21 starts.