ESPN reports the deal is worth $51.3 million, citing Peters' agent.
Peters was signed for 2014 and his new deal adds four years through 2018. The 32-year-old Peters is a six-time Pro Bowl pick and two-time All-Pro.
Peters missed the entire 2012 season after twice rupturing an Achilles tendon, but returned to anchor an offensive line that helped the Eagles lead the NFL in rushing. All-Pro running back LeSean McCoy ran for a franchise-best 1,607 yards behind Peters and Co.
Peters was an undrafted free agent who played his first five seasons in Buffalo before coming to Philadelphia in a trade in 2009.