"We've agreed in principle," Cook told the Milwaukee Journal Sentinel. "Brett probably will sign it over the weekend or Monday or Tuesday."
"It's not about new money," he said Friday. "It's just a restructuring of his current deal to enable the team to have some cap room to sign some other players."
The negotiations do not extend the seven-year, $47.25 million contract that Favre signed in July 1997, Cook, of Hattiesburg, Miss., said.
It involves adjustments of the $5.35 million base salary this year, he said.
Cook and Packers finance director Andrew Brandt declined to say how much room becomes available under the cap.
"Brett Favre has always been a team player on the field," Brandt said. "He has proven himself to be the same off the field with this renegotiation."
"I'm delighted," general manager Ron Wolf said. "We would have had to do something else, like drop some folks, I guess."
Wolf would not say how much easier it may be for Green Bay to hire expensive talent.
"If you're asking me, `Will that make us a big-time player in free agency?' the answer to that is absolutely not," he said.
Cook refused to say if the deal affects base salary in 2001 ($5.3 million) or subsequent years.
"I didn't say we reduced anything," he said. "We just rearranged things a little bit."
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