The Denver Broncos are nearing a contract extension with kicker Matt Prater. (Justin Edmonds/Getty Images)

The Denver Broncos and kicker Matt Prater are nearing the completion of a five-year deal worth about $3 million per season, reports the Denver Post‘s Mike Klis.

Klis reports the two sides hope to have a deal in place by the start of next week’s minicamp. The team placed the franchise tag on the kicker this offseason.

Prater made 19 of 25 field goal attempts last season, including 3 of 4 from 5o yards or more. In the Tim Tebow-fueled run Denver made last fall, Prater was often crucial. Against the Bears, he drilled a 59-yard field goal to tie the game and a 51-yarder to win it in overtime.

Denver Broncos kicker, Matt Prater, could potentially receive a franchise tag from the club, according to the Denver Post.

Prater, one of the more established kickers in the game, said at the end of last season that after five seasons of kicking on year-to-year deals, he was hoping free agency would bring him the security of a long-term contract. The franchise tag would not allow him such an opportunity.

Last season Prater made 19 field goals, converted 30 extra points, and had a total of 87 points for the Broncos. Throughout his career he has made 91 field goals, converted 130 extra points, and contributed 403 points.