The Saints agreed to a five-year, $57.5 million deal with Peat with $33 million in guarantees, NFL Network Insider Ian Rapoport reported, per a source informed of the situation.
The team later confirmed the deal.
The versatile lineman has played both the tackle and guard spots in his five years with the Saints after being drafted No. 13 overall in 2015, starting 60 total games.
The 26-year-old lineman started 10 games in 2019 as he battled a forearm injury late in the season but returned for the Saints' playoff loss.
Peat struggled last season as both a run and pass blocker while battling injury, grading out as the 69th rated guard by Pro Football Focus.