San Francisco 49ers tight end Vernon Davis has signed a five-year contract extension, ESPN's Adam Schefter reports.

Davis is entering the final year of his rookie contract, and is scheduled to earn $5.705 million in base salary. According to Schefter, Davis' new deal is worth $37 million and includes $23 million in guaranteed money, making the former first round pick out of Maryland the highest-paid tight end in NFL history.

The 6-3, 250-pound Davis has caught 181 passes for 2,097 yards and 22 touchdowns in 56 games over the last four seasons. Davis earned his first Pro Bowl in 2009 after catching 78 passes for 965 yards and 13 touchdowns, which tied for the NFL lead.

After bouts of immaturity early his career, including an incident where then-interim head coach Mike Singletary ordered Davis off the sidelines in 2008, Davis has emerged and embraced a leadership position on the 49ers. Davis' teammates have elected him a captain in each of the last two seasons.