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According to ESPN.com insider Len Pasquarelli, Denver Broncos tailback Clinton Portis reached agreement Monday on a contract that makes him the highest-paid running back in league history, clearing the way for his trade to the Washington Redskins later this week.

Portis will sign an eight-year deal that is worth $50.5 million and includes $17 million in combined signing and option bonuses, several league sources confirmed for Pasquarelli.

And as Pasquarelli pointed out: "The agreement is a blockbuster not only in terms of the millions of dollars negotiated by agents Drew Rosenhaus and Jason Rosenhaus, but also because the Redskins were not under any pressure to reach a new deal with Portis. The lack of negotiating leverage on the part of Portis, who had said over the weekend that he would not hold out of training camp even if he did not get a new contract, certainly adds to the achievement of netting such a deal."

The contract has not yet been signed, but there are no additional hurdles to clear. The deal will become official later this week, as will Portis' trade to the Redskins for Pro Bowl cornerback Champ Bailey and a second-round draft choice.

Because of the NFL's annual moratorium on trades, the deal cannot be announced until Wednesday.

Stay tuned. I'll have more on this one as the week progresses.