The Dally M medallist is on the verge of signing a 10-year contract worth over $10 million with North Queensland, according to a News Corp Australia report.
The deal, which will see 24-year-old Taumololo become a Cowboys players for life, dwarfs that of superstar teammate Johnathan Thurston who signed for $5 million four years ago.
An official announcement of Taumolo's re-signing is expected as early as today.
"We are very hopeful of keeping Jason," Cowboys chairman Laurence Lancini told News Corp Australia.