The Packers are expected to place the franchise tag on Adams by Tuesday. Ian Rapoport of the NFL Network said that the deadline was at 10:00 am.
According to Rapoport, the Packers and Rodgers agreed to a four-year, $200 million contract Tuesday that makes him the highest-paid player in NFL history.
Rapoport noted that the new deal drops Rodgers' salary cap number, which will allow Green Bay to franchise Adams.
The franchise-tag pay scale dictates that Adams will make over $18 million.
The 29-year-old has been one of the NFL's top wideouts over the past several years, and he has been Rodgers top target in the passing game.
Adams has been to the Pro Bowl in five of the past six seasons and has been a first-team All-Pro in two of the past three seasons.
Adams has scored double-digit touchdown five times and reached the 1,000-yard receiving mark three times during his eight-year career with the Packers.
His best seasons have come over the past two years, and they coincide with Rodgers winning back-to-back NFL Most Valuable Player awards.
In 14 games during the 2020 season, Adams had 115 catches for 1,374 yards and 18 touchdown.
He had career highs in catches (123) and yards (1,553) in 16 games last season.
Since the door is wide-open to win a Super Bowl, the Packers can ill afford to lose someone of Adams caliber.
If Rodgers decided to retire or force a trade, they might have considered letting Adams walk, as installing Jordan Love as the starting quarterback may have triggered a rebuild.
The Packers have to go all-in to win a championship with the return of the four-time league Most Valuable Player.
The Packers have fallen short of the Super Bowl in each of the last three seasons under Matt LaFleur.
After quarterback Tom Brady retires, they have a golden opportunity to win another Super Bowl, but they don't have a good option.
The Packers have been championship contender in each of the past three years, and that will be the case again in 2022, with Rodgers and Adams back in the fold.