Several media outlets reported the news on Friday afternoon, and Hawk confirmed it on Twitter, saying "Always wanted to remain a Packer and I'm excited to have the details worked out. Now back to work bringing another title home to Green Bay!"
Hawk has been a starter at inside linebacker for the Packers ever since he was the #5 overall draft pick in 2006. The restructure of his deal saves more cap room for Green Bay, as the Packers try to sign quarterback Aaron Rodgers and linebacker Clay Matthews to lucrative long-term extensions.
In other linebacker-related news, the Packers have re-signed Robert Francois to a 1-year contract, and free agent Brad Jones has reportedly met with the Tennessee Titans.