Tampa, FL (My Sportsbook) - The Tampa Bay Buccaneers and first-round draft pick Gerald McCoy have agreed to terms.

McCoy, a defensive tackle from Oklahoma selected with the third overall pick of April's draft, reportedly agreed to a five-year deal.

In addition, the Buccaneers have also worked out a six-year extension for offensive tackle Donald Penn. Financial terms of Penn's deal were not disclosed, but the St. Petersburg Times reports it is worth about $42 million.

Penn had declined to sign a one-year tender offer as a restricted free agent. He has started 44 straight games at left tackle.

"We're finishing up some language and paperwork [on McCoy's contract]," said Bucs general manager Mark Dominik before Tampa Bay's Saturday morning practice. "We're excited about having him for the afternoon practice. It's a great day for the Bucs in terms of securing two players who could be very important to this organization to long-term deals."

McCoy earned All-American honors in each of his last three seasons at Oklahoma and last year had six sacks with 15 1/2 tackles for loss.