Star outfielder Juan Soto and the New York Mets have agreed to a record $765 million, 15-year contract, a person familiar with the deal told The Associated Press, believed to be the largest pact in team sports history.

The person spoke on condition of anonymity because the agreement, first reported by the New York Post, was subject to a successful physical.

He would have the right to opt out of the contract after the 2029 season if the Mets don’t at that time raise the contract to $805 million by increasing the average annual value by $4 million annually. Soto will get a $75 million signing bonus, payable upon the deal’s approval by the commissioner’s office.

Soto’s agreement is the largest and longest in Major League Baseball history, topping Shohei Ohtani’s $700 million, 10-year contract with the Los Angeles Dodgers, a deal signed last December. That agreement included $680 million in deferred payments and is valued at just under $46.1 million for baseball’s luxury tax.

While there are no definitive records in sports beyond the United States, Soto’s deal is thought to eclipse those in all other team sports. The deal was reached on the eve of the first full day of baseball’s annual winter meetings.

Soto’s agreement does not include deferred money, the person said, leaving its average annual value at $51 million. Its length tops Fernando Tatis Jr.’s $340 million, 14-year contract with San Diego that runs through 2034.

The New York Yankees’ final offer to retain Soto was for $760 million over 16 years, a second person familiar with the talks said, also on condition of anonymity because that detail was not announced. That offer had a $47.5 million average annual value.

A four-time All-Star at age 26, Soto is the most accomplished free agent at that age since shortstop Alex Rodriguez agreed to a record $252 million, 10-year contract with Texas in December 2000 at age 25.

Soto was 19 when he made his major league debut with Washington in 2018 and helped the Nationals win the World Series the following year, when he hit .282 with 34 homers and 110 RBIs.

He turned down Washington’s $440 million, 15-year offer in 2022 and was traded that August to San Diego. Following the death of Padres owner Peter Seidler, Soto was dealt to the Yankees in December 2023 and helped New York reach the World Series for the first time since 2009.

Soto batted .288 with 41 homers, 109 RBIs and 129 walks, hitting second in the batting order ahead of Aaron Judge to power an offence that led the major leagues with 237 homers. He hit a go-ahead homer in the AL Championship Series opener against Cleveland and a tiebreaking, three-run homer in the 10th inning that won the pennant against the Guardians in Game 5.

Soto has a .285 batting average with 201 homers, 592 RBIs and 769 walks over seven major league seasons.