According to Rapoport, the agreement is being finalized now and should be officially signed by Monday.
This new contract ensures Way is under team control for the next five years.
Way, 29, wound up signing on with the Bears as an undrafted free agent back in 2013. He spent a year in Chicago before he was waived in August of 2014 and later claimed off of waivers by the Redskins.
Washington signed Way to a five-year, $9.4 million contract back in 2016. He had one year remaining on the contract worth $1.45 million for the 2020 season.
In 2019, Way has appeared in 15 games for the Redskins and totaled 3,692 punt yards on 75 attempts (49.2 YPA) to go along with 29 punts downed inside the 10 yard line.