The AFL is reportedly on the verge of sealing a two-year extension to its TV rights agreement with the Seven Network at a reduced price.

The Age reports that Seven is seeking a reduction on its current $2.5 billion deal signed in 2015 and expires in 2022 for a two-year extension that would give the code more financial certainty in a weakening economy.

Foxtel are also reported to be seeking a reduction.

Seven was expected to pay about $150 million to the AFL this year under its existing contract.