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The Green Bay Packers have given receiver Greg Jennings a three-year contract extension that will keep him in a Packers' uniform through the 2012 season, per Greg Bedard of the Milwaukee Journal Sentinel.

According to ESPN, the value of the extension is worth $27 million but could reach $30 million if incentives are reached. The deal includes $16 million in guarantees, per ESPN.

With the extension, Jennings becomes the team's second-highest player behind quarterback Aaron Rodgers.

"I'm grateful and I understand that I'm blessed," Jennings said today. "Just to know I'm going to have that financial stability for not only myself but for my family, my children, it's an exciting feeling. It really hasn't hit me yet -- probably (not) until I get that first check. I'm sure it will sink in sometime soon."

Jennings, one of the Packers' two second-round picks in 2006, was due $535,000 in 2009 before the contract extension.

When this contract is up, Jennings will be 29 years old, which sets himself up for another big deal. "That's the beauty of it, so kudos to my agent," said Jennings.

Jennings had 80 receptions for 1292 yards and nine touchdowns in 2008.