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Machado will have the option to opt out of the deal after five years, the Associated Press reported, citing a source familiar with the negotiations. The agreement is contingent on Machado passing a physical.
The $300 million contract is the largest deal ever signed by a MLB free agent. In terms of total value, it is second only to the $325 million contract extension that Giancarlo Stanton signed with the Miami Marlins after the 2014 season. Stanton was later traded to the New York Yankees.
A four-time All-Star selection, Machado spent his entire career with the Baltimore Orioles before he was traded in the middle of last season to the Los Angeles Dodgers. The 26-year-old hit .297 with 37 home runs and 107 RBIs in 2018.
Padres executives have yet to announce the deal, since it will not become official until Machado passes his physical exam.
"We do not have a deal with any free agent player. We are continuing discussions, and that's all we have to say,” Padres executive chairman Ron Fowler said.