Justin Herbert is going to be in Los Angeles for the foreseeable future, and he's now the highest-paid player in the NFL.

The Chargers and Herbert agreed to a five-year, $262.5 million extension that keeps the franchise quarterback in Los Angeles through the 2029 season, a person close to the situation informed USA TODAY Sports. The person spoke on condition of anonymity because they aren’t authorized to discuss the deal publicly.

Herbert’s long-term extension was inevitable after the Chargers exercised his fifth-year option in April. His new contract is the largest ever in Chargers’ franchise history and his deal makes him the highest-paid quarterback in NFL history based on average annual value ($52.5 million).

Herbert joins Jalen Hurts and Lamar Jackson as quarterbacks who have reset the QB market this offseason. Jackson agreed to a a five-year extension with the Baltimore Ravens worth $260 million on April 27. Ten days earlier, Hurts and the Philadelphia Eagles agreed on a five-year, $255 million deal.

Herbert has rewritten NFL record books since the Chargers drafted him out of Oregon with the No. 6 overall pick in the 2020 NFL draft. In his three seasons in Los Angeles, Herbert has produced 14,089 passing yards and 94 touchdowns to just 35 interceptions, resulting in a 96.2 career passer rating. The Chargers quarterback holds the NFL record for most completions (1,316), passing yards (14,089) and total touchdowns (102) by any player in their first three seasons. He’s also the only quarterback in league history to begin his career with three straight seasons of 4,000-plus passing yards.

NICK BOSA:Holding out for new contract with 49ers. Could new deal set record for pass rusher?

TREVON DIGGS:Agrees to massive five-year contract extension with Cowboys

Why Chargers signed Justin Herbert to record deal?

The Chargers found their franchise quarterback since the departure of long-time QB Philip Rivers following the 2019 season. Justin Herbert is a prolific passer with a strong arm.

Herbert has set multiple Chargers’ single-season records and has elevated himself to one of the best quarterbacks in the NFL. The Chargers have had a top-three passing offense in each of the past two seasons.

The 6-foot-6 quarterback won NFL Offensive Rookie of the Year in 2020, earned his first trip to the Pro Bowl in 2021 and helped the Chargers earn a playoff berth in 2022.

Herbert’s new contract extension allows the quarterback to build on his resume wearing a Chargers uniform.

Follow USA TODAY Sports' Tyler Dragon on Twitter @TheTylerDragon.