While the world takes a break due to the pandemic and lockdowns, Sports Business is in no mood to slow down.

Patrick Mahomes, a 24-year-old-Super Bowl-winning quarterback of Kansas City Chief has signed a 10-year extension contract worth between $US477 million and $US503 million.

Those numbers over 10 years are believed to be the biggest contract in the history of professional sport.

Mahomes still has two seasons left on his current contract — worth $2.8 million for the 2020 season slated to start in September, and $24.8 million for 2021 — which he signed as a rookie.

Media reports say the new contract was worth at least $US450 million, but with the remaining money on his current deal, plus bonuses tied into the new one, the number could climb over $US500 million.

That prompted Mahomes's agency to label its client the "first half-billion-dollar player in sports history".

In March 2019, Los Angeles Angels outfielder Mike Trout signed the largest contract in professional sports history, worth $426.5 million. Just sixteen months later, despite a virus that has wreaked havoc across the globe, Kansas City Chiefs quarterback Patrick Mahomes has topped Trout.

Earlier this year, Mahomes led the Chiefs to their first Super Bowl win in 50 years