The deal is a reported $50 million contract for two seasons.
If Brees hadn't signed with the Saints, he would have become an unrestricted free agent on Wednesday.
KLFY will update this report as it develops. But the objective for me was - I've made it known from Day 1 that I want to be in New Orleans (and) stay in New Orleans; I love our team.
Brees, who turned 39 in January, insisted all along that he wants to be a "Saint for life" and didn't plan to let any other teams in on a bidding war - even though had he done so, he possibly could have become the highest-paid player in National Football League history for the second time in his career.
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However, the left-back missed the midweek game with a slight muscle injury and could be given extra time to recover. The history of both teams is incredible , in the '80s, '90s. "We have training sessions to decide before the game".
"But for me", Brees said, "this was about putting our team in the best position to go win a championship in the next few years". It's all I think about. "But in most cases when my agent would begin to open his mouth about another team, I would not even let him finish the sentence".
Brees, an 11-time Pro Bowl selection, threw for 4,334 yards last season as the Saints reached the playoffs for the first time since 2013.
Observers noticed that Brees was present at the emotional retirement announcement of tackle Zach Strief.
With Brees in place in New Orleans for at least the next two years, things could quickly pick up hedging toward a reunion.
Now it looks like he can do both at the same time.