The Kansas City Chiefs exercised their fifth-year option on Super Bowl MVP Patrick Mahomes on Thursday, according to reports, which will guarantee that he will be under contract with the club for at least the next two seasons.

However, general manager Brett Veach and head coach Andy Reid are determined that the two sides will reach a long-term deal by the start of training camp. The projected contract could last four or five years, and Mahomes would potentially be the first player in NFL history to make at least $40 million per season.

The Associated Press and the NFL Network were among the first outlets to report the news.

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“I would like to think we're fairly confident and we have a lot of time,” said Veach, who is also trying to strike a long-term deal for Pro Bowl defensive tackle Chris Jones. “These players are cornerstones of the organization. Now that the draft is over, the free agency period -- here with this pandemic, there was a lot of disruption -- now that this is behind us, we have a window where we can reset as an organization and get together.”

The Chiefs had until May 4 to exercise their option on Mahomes, who will make $825,000 on the final year of his rookie contract and would make nearly $25 million during the option year.

Teams are allowed to use a fifth-year option on players selected in the first round of the NFL Draft.

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“I think you rely on communication, trust, creativity, dialogue,” Veach said. “We have time, and the ultimate goal for both camps is the same, and that's to establish a long line of winning here and to continue the foundation that we laid the day we drafted him, then going to the AFC Championship game, then following up with a Super Bowl win.”

The Chiefs traded up to select Mahomes with the No. 10 overall pick in the 2017 draft, and he spent one season behind quarterback Alex Smith before taking over as the starter the following year. Mahomes won the NFL MVP award his first season under center for the Chiefs, and he guided the team to the AFC Championship before falling to the New England Patriots in overtime.

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Mahomes dealt with some nagging injuries last season and missed two games, but he came back to lead the Chiefs to a winning streak that ended with consecutive come-from-behind wins in the playoffs over the Houston Texans and Tennessee Titans, and in the Super Bowl to beat the San Francisco 49ers.

The Associated Press contributed to this report.