San Diego Padres' Manny Machado lines an RBI single against the Giants, Oct. 2, 2021, in San Francisco. (AP Photo/D. Ross Cameron)
The news, also reported by The Associated Press, follows Machado’s comments from earlier this month when he confirmed his plans to exercise the opt-out clause in his previous contract after the 2023 season.
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"Obviously the team knows where I stand, my situation with the opt-out coming," Machado told reporters during the Padres’ spring-training camp in Peoria, Arizona, on Feb. 17.
"I think I’ve expressed that I will be opting out after this year, but I think my focus is not about 2024. I think my focus is about 2023, what I can do to this ballclub, what I’ve done for this organization and what we’re going to continue to do here. I think we’ve got something special here growing and I don’t think anything’s going to change."
Manny Machado of the San Diego Padres bats against the Los Angeles Angels during a spring training game on March 23, 2022, in Peoria, Arizona. (Christian Petersen/Getty Images)
Machado signed a $300 million, 10-year deal with the Padres in 2019 – a record for a free agent when he agreed to it and the second-largest in the major leagues behind Giancarlo Stanton's $325 million.
But the Padres clearly weren’t interested in letting one of their star players test the waters of free agency.
Having already earned $120 million, the new deal increases San Diego’s commitment to Machado to $470 million over 15 years.
San Diego Padres' Manny Machado hits a double against the Marlins, Aug. 16, 2022, in Miami. (AP Photo/Marta Lavandier)
The reported deal follows a stellar season for Machado, where he was the runner-up in National League MVP voting.
The Associated Press contributed to this report.