The Falcons have already confirmed the deal.
Atlanta has been one of the more aggressive teams in regards to signing players to long-term extensions.
Alford, 28, is a former second-round pick of the Falcons back in 2013. He was in the final year of his four-year, $3.401 million contract and set to make a base salary of $868,827 for the 2016 season.
This year, Alford has appeared in 12 games for the Falcons and recorded 47 tackles, two interceptions with one being returned for a touchdown and 12 pass defenses. Pro Football Focus has him rated as the No. 71 cornerback out of 122 qualifying players.