The deal would have kept Rodgers with the Packers for five more seasons, ESPN reported Tuesday.
The details behind the reported extension offer were not made known.
He signed a four-year, $134 million extension in August 2018, which included a $57.5 million signing bonus. According to Spotrac, he is set to earn a base salary of $14.7 million and a $6.8 million roster bonus in 2021.
The average annual value of Rodgers’ contract is $33.5 million, which is the sixth-highest in the NFL, according to Over The Cap. His total contract is the 12th highest in the NFL, and the total guaranteed money to Rodgers -- $78.7 million – is the third-highest in the NFL.
According to Spotrac, the 37-year-old has a potential out after the 2021 season if he chooses to play.
Rodgers has not specifically demanded a trade from the Packers, but Green Bay has been adamant about keeping him in the organization. He has been cryptic about whether he wanted to play for the Packers ever again and has alluded to culture issues within the organization.
He moved swiftly around the blitz of questions about playing for the Packers during "The Match" early this month, replying, "We’ll see."
Rodgers talked about how he spent the offseason and it centered on getting into the right frame of mind.
"I'm very thankful for the opportunity to work on my mental health," Rodgers said, via ESPN. "I haven't dealt with bouts of depression or anything, that I think for whatever reason, are OK to talk about if you're talking about mental health. I've just really been trying to think about what puts me in the best frame of mind. What habits can I form that allow me to feel most in my body, most present, happiest? And that's what I've been doing."