(CBS) Just hours before the NFL deadline, the Bears and Matt Forte have agreed to terms on a long-term deal.

“I’m proud to be a Chicago Bear and excited to be here for another four years,” Forté said. “I’d like to thank my family, my agent and the Chicago Bears. I’ve been working hard this offseason and am looking forward to joining my teammates at training camp next week. I’m glad the business part is done and we can all turn our attention to football and our goal of winning a championship.”

The Chicago Tribune reports the deal is worth $32 million over four years, with $18 million is guaranteed.

“We’re very pleased that we were able to come to terms on a four-year extension with Matt,” Chicago Bears general manager Phil Emery said. “We’re excited to get him on the field and continue working towards our goal of winning a championship.”

The two sides had until 3 p.m. CST to work out a deal. Otherwise, Forte would have played the 2012 season under a franchise tag worth $7.742 million. He threatened to hold out of training camp if a deal was not reached.

The Sun-Times’ Sean Jensen first reported the deal.