Report: Miguel Cabrera agrees to 10-year, $292 million extension with Tigers

Miguel Cabrera has 365 career home runs with a .967 OPS. (Mark Cunningham/Getty Images)

Miguel Cabrera, who has won two straight AL MVPs, has agreed to a 10-year extension worth "just under $300 million," a source told ESPN's Jerry Crasnick on Thursday.

Detroit is adding eight years and $248 million to the two years and $44 million left on Cabrera's current deal, which means he's under contract for the next 10 years for a total sum of $292 million. As Jon Morosi of Fox Sports points out, the new eight-year portion of Cabrera's deal comes out to a record average of $31 million per season. The previous salary record on a per-season basis was held by Clayton Kershaw at $30 million.

Jon Heyman of CBSSports.com first reported the story. The deal is pending a physical, which is why it hasn't yet been announced by the team.

Cabrera, whose old deal ran through 2015, will be 40 at the conclusion of the contract, meaning he'll likely be with the Tigers for the rest of his career.

VERDUCCI: 14 things to watch in 2014

Writes Heyman, "Cabrera has been playing on a $152 million, eight-year contract that would expire after the '15 season. People close to him say he loves being a Tiger, and suggested he's willing to take less than top free-agent dollar to stay in Detroit — although this will turn out to be among the biggest contract in baseball history.

"Cabrera is the best offensive player in baseball, but he also has a major allegiance to the Tigers and their people, including president and GM Dave Dombrowski and his assistants, Al Avila and John Westhoff, plus several others on the staff that was in Miami when Cabrera was signed by Dombrowski/Avila as a 16-year-old prodigy."

Cabrera has seven straight seasons with 30-plus home runs and 10 straight with at least 100 RBIs. The eight-time All-Star is a career .321 hitter and has won the AL batting title each of the last three seasons.

GALLERY: Classic photos of Miguel Cabrera

He spent his first five seasons with the Marlins before he was traded to the Tigers in Dec. 2007. In six seasons in Detroit, he has averaged 38 home runs and 123 RBIs per year.

Cabrera is a career .273 hitter in 52 postseason games with 12 homers, 37 RBIs and an .870 OPS. He won the 2003 World Series with Florida.

SI WIRE: Johnny Cueto to start third straight Opening Day for Reds