What would you do for $1.4 million a week? Actually, don’t answer that.

Most Australians won’t have even heard of him, but Kansas City Chiefs star Patrick Mahomes is clearly a valuable commodity in the NFL.

So valuable, in fact, that the 24-year-old has just accepted an eye-watering offer to extend his contract with the Chiefs by 10 years.

Mahomes tweeted he was “here to stay” after signing the staggering $US503 million ($A721 million) deal. It’s worth $1.4 million a week to him – every week – and is reportedly a record for any sports star, anywhere.

Tweet from @PatrickMahomes

Chairman Clark Hunt said extending the champion quarterback’s contract until 2031 was a big moment for the team.

“Patrick has developed into one of the most prolific athletes in all of sports,” Mr Hunt said.

“I’m delighted that he will be a member of the Chiefs for many years to come.”

In February 2020, Mahomes led the Chiefs to their first NFL championship in 50 years.

It has been reported that the deal includes an injury guarantee of $US140 million ($A201 million).

Even before the bumper new offer, Mahomes was already due to make $825,000 ($A1.2 million) in the final year of his rookie contract this season.

Tweet from @ESPNNFL

His new agreement tops other significant deals for US sports players, including baseball star Mike Trout of the Los Angeles Angels. In 2019, he signed a contract extension worth $US426.5 million ($A611.5 million).

In the same year, Seattle Seahawks quarterback Russell Wilson signed a four-year, $140 million ($A200 million) extension with an average annual value of $35 million ($A50 million).

Mahomes went to the Chiefs in 2017, as a 10th overall draft pick. He spent a season learning the ropes before getting the starting job.

Since then, he has proceeded to shatter just about every franchise record, while also winning the league MVP award.

-with AAP