The previous record for an arbitration-eligible player was Josh Donaldson's $23 million deal.
The Rockies avoided arbitration with All-Star third baseman Nolan Arenado after agreeing to a deal on Thursday, the club announced.
Per The Athletic's Ken Rosenthal, Arenado and Colorado settled at $26 million, setting a record for an arbitration-eligible player. He initially reported that Arenado requested for $30 million and the Rockies countered with $24 million.
The previous record was set last year, when Josh Donaldson agreed to a one-year, $23 million with the Blue Jays.
Arenado finished third in MVP voting last season, notching his fourth All-Star appearance. He hit a National League-leading 38 home runs while batting .297 for the year. He also earned his sixth straight Gold Glove Award.
Arenado earned $17.75 million in 2018.