Waratahs and Wallabies loose forward Michael Hooper has re-committed to Rugby Australia on a five-year deal worth about NZ$6.69m.

The contract will take Hooper, 26, through the next two Rugby World Cup cycles, ending after the 2023 season.

It is only the second five-year contract in Australian rugby history. Former Waratahs winger Lote Tuqiri signed on for five years in 2007 but had his contract torn up two years later after a code of conduct breach in Canberra.

News Corp reported the deal had been completed on Thursday night, after initial reports of the contract surfaced in April.

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Hooper has played 82 tests for the Wallabies since making his debut in 2012.

He joins fellow loose forward David Pocock and fullback Israel Folau as Wallabies to earn in excess of $1m per season.

Pocock is believed to be earning NZ$4.46m on a three-year deal, while Folau signed a flexible three-year contract in 2015 worth almost NZ$2.23m a year.

Hooper's contract will see him earn a high annual pay check than the top All Blacks. The 2016 collective agreement signed by New Zealand Rugby and the Players' Association noted Kieran Read would be the highest paid All Black through to the 2019 World Cup, earning about $1m per year.

Other top All Blacks were thought to earn around the $800,000 mark.

The Wallabies captain's five-year contract rivals some of the biggest given out overseas. Welsh fullback Leigh Halfpenny and ex-All Blacks No.12 Ma'a Nonu both signed deals with French club Toulon worth about $885,000 per season, former Chiefs No 10 linked up with Montpellier on a contract with over $1m per season, and Charles Piutau moved from Ulster to English club Wasps on a deal worth about $1.8m per season.