Favre, 36, had been undecided about his future for the past three-plus months, but apparently made up his mind. The decision comes 10 days after the team delayed Favre's $3 million roster bonus a fourth time to give the QB more time to decide his future.
At his recent charity golf tournament in Mississippi, Favre on April 8 questioned whether the Packers had done enough to improve the offense this off-season.
"I'd like to say I think we are better, but I don't know if we are," he said.
Favre said the team needed to make a "statement" similar to the signing of Reggie White in 1993. But the Packers haven't signed anyone, other than former University of Kansas track star Leo Bookman, in the past two weeks.
But Favre, the NFL's only three-time MVP (1995-97), also said that "in my blood" and made every indication that he wants to continue with his football career.
Favre, who is scheduled to receive $10 million in salary and bonuses this season, is nearing some major NFL records. He needs to throw 25 touchdown passes to break Dan Marino's league record of 420. With four more touchdown passes, he will join Marino as the only other quarterback in NFL history to throw 400 or more touchdown passes.
Favre is 290 completions away from Marino's NFL record of 4,967.
Favre has started 221 straight regular season games, an NFL record for quarterbacks. He needs to start the Packers' first eight games to tie Bruce Matthews for No. 3 on the all-time list at any position.