Jurgen Klopp 'initiated the talks with the Liverpool hierarchy that led to his contract being extended through until 2026' - with the German manager 'not receiving a pay rise' under his new deal.
The 54-year-old, who arrived at Anfield in 2015, had previously suggested he would leave when his previous contract expired in the summer of 2024.
But Liverpool announced on Thursday that Klopp and his backroom team had signed two-year extensions.
With the club chasing a historic Quadruple of trophies in the closing weeks of the season, owner John W Henry and Fenway Sports Group didn't wish to distract Klopp and planned to discuss his future in the autumn.
However, according to The Athletic, it was Klopp who instructed his agent Marc Kosicke to get in touch with Henry and from his initial call, it took only two weeks to finalise the paperwork.
They report that because Klopp wasn't asking for any additional money for himself, or indeed any changes to his current contract, the extension was quickly agreed.
His backroom team, however, stand to earn an additional £2million with Klopp reportedly especially keen to secure the future of first-team coach Pep Lijnders.
It is believed Klopp's extended contract contains no break clause but rather an informal understanding that he can say if he doesn't want to complete the final season.
Securing Klopp's future at the club is a major boost for Liverpool as they chase success on three fronts at the business end of the campaign, having already won the Carabao Cup.
They are chasing Manchester City hard at the top of the Premier League and sit just one point behind Pep Guardiola's team with five matches to play.
Liverpool travel to Newcastle United on Saturday lunchtime, with City playing at Leeds United later in the day.
The Reds will play Chelsea in the FA Cup final on May 14 and will take a 2-0 lead to Villarreal for the second leg of their Champions League semi-final on Tuesday next week.
Providing there is no early split, Klopp's 11-year stint will make him Anfield's longest serving manager since Bill Shankly, who was in charge from 1959 to 1974.
'There are so many words I could use to describe how I am feeling about this news… delighted, humbled, blessed, privileged and excited would be a start,' said Klopp. 'Like any healthy relationship, it always has to be a two-way street.
'You have to be right for each other. The feeling we were absolutely right for each other is what brought me here in the first place and it's why I've extended previously. This one is different because of the length of time we have been together.
'I had to ask myself the question: Is it right for Liverpool that I stay longer?'
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Klopp signed