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Edwin Encarnacion signs multiyear extension with Blue Jays

Edwin Encarnacion is no longer on the trading block with his new extension. (Abelimages/Getty Images)

Edwin Encarnacion is coming off the All-Star break $27 million richer.

The designated hitter inked a three-year, $27 million extension with the Toronto Blue Jays on Thursday, according to the team website. He'll be a Blue Jay through 2015 with a $10 million club option for 2016.

Encarnacion, an eight-year veteran, was rumored to be on the trading block recently, but now his place in the Blue Jay lineup alongside Jose Bautista is safe.

The 29-year-old is batting .295 this season with 23 home runs and 58 RBI. He's tied for fourth in home runs in the American League.