The Tennessee Titans and star running back Derrick Henry have agreed to a multi-year contract just prior to the NFL's deadline to sign franchise-tagged players.

The Titans had until 16:00 ET to reach an agreement with the 2019 NFL rushing leader, who previously accepted his franchise tender and would have earned $10.3million this season without a new contract.

Henry's new deal with the Titans is reportedly a four-year, $50m contract.

The 26-year-old's contract is the fourth-largest active deal for a running back, behind only the Dallas Cowboys' Ezekiel Elliott (six years, $90m), Carolina Panthers' Christian McCaffrey (four years, $64m) and the New York Jets' Le'Veon Bell (four years, $52.5m).

Henry – the 2015 Heisman Trophy winner – earned his big payday by leading the NFL with 1,540 rushing yards and tying for the league lead with 16 rushing touchdowns during a breakout 2019 regular season.

He then helped Tennessee advance to the AFC Championship game by rushing for a combined 377 yards in the Titans' upset playoff wins at the New England Patriots and Baltimore Ravens.

Henry's rushing yardage total was the fourth-highest in a season in franchise history, and the most since Chris Johnson led the NFL with 2,006 in 2009.

A second-round pick by Tennessee in the 2016 draft, Henry is the second significant offensive player the team has locked up with a long-term deal this offseason. The Titans were able to re-sign starting quarterback Ryan Tannehill to a four-year, $118m contract in March.