The deal is worth $21 million, according to NFL Network’s Ian Rapoport
Penn, 34, was a training camp holdout until the final week of preseason as he searched for a new contract.
A two-time Pro-Bowler, Penn led all left tackles credited with two sack allowed a season ago, his fourth year in Oakland. He has started each of his 49 games with the Raiders, having now started in 157 consecutive games — second-most among active offensive lineman behind Cleveland Browns’ Joe Thomas (161).
Penn was the anchor of the NFL’s best pass protecting offensive line last season (18 sacks allowed), a group that surrendered two in a Week 1 26-16 victory.