2018 will be Brees' 13 season in New Orleans.
The Saints also weren't allowed to use the franchise tag on Brees because of a clause in his most recent contract.
The announcement comes via New Orleans' official website.
Brees flat-out admitted he battled a "hard" decision on whether to take more money and "maximizing his value" for other players (Brees was heavily involved in the last CBA negotiations) versus taking less money and trying to win another Super Bowl with the Saints.
Brees has thrown for 70,445 yards with 488 touchdown passes and 228 interceptions in 248 career contests since being made a second-round selection in the 2001 NFL Draft by the then-San Diego Chargers.
The Saints will hope 2017 was not an aberration as they move forward with Brees under center. He joined Brett Favre and Petyon Manning in that exclusive club. Brees now has 70,445, which is just 1,495 behind Manning's standard. During that span, he earned the reputation as being one of the top tight ends in the National Football League that saw him record in at least 85 receptions, 850 receiving yards, and at least nine touchdowns in four straight seasons. As well as his close ties to the city, Brees would have been encouraged to stay with the team due to its emergence as a contender in the NFC.