Seahawks safety Kam Chancellor has agreed to a contract extension, a source confirmed. The Seahawks have a press conference scheduled for Monday, when they are expected to announce Chancellor’s re-signing.

Chancellor, a hard-hitting strong safety, had one year left on his rookie current contract and many speculated whether the Seahawks would be able to re-sign him given their offseason moves.

According to ESPN’s John Clayton, Chancellor’s deal is for $35 million over five years. Clayton reported that $17 million is guaranteed.

The Seahawks drafted Chancellor in the fifth round of the 2010 draft. He made the Pro Bowl as an alternate in his second season and has developed into a key piece of the Seahawks’ young secondary, generally considered among the best in the league.