Mahomes signed a 10-year contract extension in 2020 worth $450 million that ties him to the club until 2031.
However the reigning Super Bowl champion Chiefs have reworked that deal in order to boost Mahomes' pay in the near term at a time when quarterback salaries have skyrocketed, multiple US reports said.
Mahomes, widely regarded as the best quarterback in the NFL, will now receive a guaranteed $210.6 million between 2023 and 2026, a figure that could rise to $218.1 million if certain targets are met.
While Mahomes remains contracted through 2031, the Chiefs and their quarterback plan to revisit the deal once more after the 2026 season, reports said.
Burrow recently signed an NFL record contract extension that is worth a reported $275 million over five years.
Burrow's deal was one of a wave of recent quarterback contracts that eclipsed Mahomes previous contract.
The Los Angeles Chargers' Justin Herbert (25) signed a five-year $262.5 million extension in July, while the Baltimore Ravens Lamar Jackson (26) inked a $260 million five-year agreement in April. The Philadelphia Eagles' Jalen Hurts (25) also agreed a bumper contract in April worth $255 million over five years.
Mahomes was chosen by the Chiefs with the 10th pick of the 2017 NFL Draft and has since led the franchise to two Super Bowl titles, while winning NFL Most Valuable Player in 2018 and 2022.