That puts Trubisky, 25, in line to become an unrestricted free agent after the 2020 season. The cost of the fifth-year option, structured by draft slot, was estimated at $24.837 million.
The No. 2 overall pick in 2017, Trubisky has started 41 games for the Bears over three seasons, completing 63.4 percent of his passes for 8,554 yards, 48 touchdowns and 29 interceptions. Chicago is 23-18 in his career starts.
Trubisky took a step back in 2019, completing 63.2 percent of his passes for 3,138 yards, 17 touchdowns and 10 interceptions. The Bears went 8-8 and missed the playoffs, with inconsistencies in their offense plaguing them all season.
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The Bears acquired veteran quarterback Nick Foles in a trade with the Jaguars in March, sending a fourth-round pick back to Jacksonville. Bears general manager Ryan Pace then declared it an "open competition" between Trubisky and Foles.
"Credit to both of those guys for embracing it," Pace said in early April.
Trubisky hasn't been made available for comment to reporters since Dec. 29, which marked the end of the regular season.
During his five-plus years as Bears general manager, Pace has only exercised the fifth-year option for 2016 first-round pick Leonard Floyd. However, Chicago released Floyd in March before his fifth-year option became guaranteed.
The Bears declined the fifth-year option for 2014 first-round pick Kyle Fuller but later retained him on a four-year, $56-million deal after he had a breakthrough 2017 season.
Though the Bears declined Trubisky's fifth-year option, the door is still open for a contract extension.