The 25-year-old forward will earn a staggering £78 million if he remains at Old Trafford for the duration of the contract, which runs through until 2028.
The new deal is a significant pay rise for Rashford, whose previous contract was worth £250,000-a-week.
The negotiations for Rashford’s new contract have been ongoing for more than a year, during which his agent and brother, Dwaine Maynard, met with Paris Saint-Germain.
However, it was always Rashford’s preference to stay with his hometown club, and United will be delighted to have secured the future of one of their most valuable players.
The new deal will keep Rashford at Old Trafford through the prime years of his career and into his 30s.
This is a significant coup for United, as the academy product is considered one of the most talented young players in English football.