This news comes from reports by NFL Media, although the specific terms of the deal were not immediately disclosed.

While the signing may come as a surprise to some, the Packers have been actively searching for an elite running back to enhance their backfield for quite some time. Last summer, amidst a contract dispute with the Colts, the team was reportedly exploring the possibility of acquiring Jonathan Taylor, but no deal was ultimately struck.

Now, the Packers have secured a top-tier running back in Jacobs. His new contract holds the third-highest total value ($48 million) among running backs in the league, while his average yearly earnings of $12 million rank as the fifth-highest, according to OverTheCap.com.

In the wake of the agreement with Jacobs, NFL Media reports that the Packers have decided to release veteran running back Aaron Jones. Jones, who was signed through next season and was engaged in discussions for a new contract, will now become a free agent. The negotiations between the two parties have broken down, leading to the eventual release of the talented running back.

Furthermore, the arrival of Jacobs may signal the end of A.J. Dillon's time with the Packers, as he is currently a free agent as well. The team's roster decisions seem to be aligning with a newfound focus on restructuring their backfield.

In a surprising move to free up cap space, the Packers have released not only Jones but also All-Pro left tackle David Bakhtiari, providing them with approximately $32 million in additional financial flexibility. With this newfound cap space, the Packers wasted no time in making further moves, as they followed up Jacobs' signing by adding former New York Giants safety Xavier McKinney on a four-year, $68 million contract.

The official announcement and finalization of Jacobs' deal with the Packers and the subsequent roster shake-ups are expected to take place once the new league year begins on Wednesday, March 13. This news has sent shockwaves through the NFL community, and fans will undoubtedly be eagerly anticipating the impact that Jacobs will bring to the Packers' backfield.

Overall, the Green Bay Packers have made a bold move in securing the services of Josh Jacobs, solidifying their running game and setting the stage for an exciting future.