Rugby Australia are set to announce Wallabies skipper Michael Hooper has signed a five-year deal that will take him through to the end of 2023.

Rugby Australia have called a press conference for 1pm in Sydney on Friday to unveil the contract extension, reported by News Corp to be worth close to $6 million.

The contract would make him the highest earner in the Australian game, although the flanker could have commanded more by playing overseas.

Hooper is just the second player in Australian rugby history to take up a five-year deal after ex-rugby league star Lote Tuqiri in 2007.

The new deal will mean the 26-year-old NSW captain will be available to lead Australia at the next two World Cup tournaments in 2019 and 2023, adding to his 82 Tests.

He was named captain of Australia in 2014, becoming the youngest Wallabies skipper in more than 50 years.

Hooper has been sidelined since the June Test series against Ireland when he hurt his hamstring and missed the Waratahs' Super Rugby finals.

However he's hopeful of leading Australia in the opening Bledisloe Cup Test against New Zealand at Sydney's ANZ Stadium next Saturday night.