The Northern Irish coach has led The Swans from The Championship to the Premier League, and his side have been much applauded for their enterprising brand of football this season.
Rodgers has a long-term goal of stabilising the team in the top flight, and is ready to commit his future to the Welsh outfit.
“I spoke with the chairman today and we have agreed everything in principle, we just need to draft up the paperwork and be presented with it over the weekend, then it will be signed and done and that will be fantastic,” he told Sky Sports.
“It was clear to me I wanted to be here. There was very little to discuss and I will be proud to move forward with the project.
“Ultimately my job is to make Swansea a sustainable Premier League club, that’s the challenge.
“It looked a massive challenge to get promoted, but since then we have shown we can compete at this level. Although we are riding high and playing well, the objective is to stay in the league, that would be monumental and give the club more money to invest in the team.
“But the goal is firstly to make Swansea sustainable and you can obviously build from that,” he admitted.
By Gareth McKnight