Cole Hamels, Philadelphia Phillies Agree to Extension

(Credit: Associated Press)

Bit of breaking news here in the early hours of this Wednesday. Ken Rosenthal of FOX Sports recently just tweeted that the Philadelphia Phillies and Cole Hamels are close to a huge contract extension that would keep the would be free agent in Philadelphia for a long while.

BREAKING: #Phillies, Hamels close on six-year extension for more than $137.5M. Story here: msn.foxsports.com/mlb/story/phil…
— Ken Rosenthal (@Ken_Rosenthal) July 25, 2012

In the article, Rosenthal goes on to say the following:

The left-hander is close to completing a six-year contract extension for more than $137.5 million, according to major-league sources. The deal will be the second largest ever awarded to a starting pitcher, trailing only the seven-year, $161 free-agent contract that left-hander CC Sabathia signed with the New York Yankees on Dec. 11, 2008. By signing the contract, Hamels will ensure that he will not be traded before non-waiver deadline Tuesday at 4 p.m. ET, remaining with the team that made him the 17th overall pick in the 2002 draft.

This is major, major news if it turns out to be that Hamels does sign this extension. This waters down the trade market, and now Milwaukee Brewers starting pitcher Zack Greinke is the most coveted player on the market. Cole Hamels currently in 2012 is 11-4, with a 3.23 ERA, with 131 K, 33 BB in 133.2 IP. Hamels, a three-time All-Star, won the NLCS MVP and World Series MVP in 2008 for his superb pitching performances.

Update: It's official. The Philadelphia Phillies sent out a press release early this morning, according to CBSSports.com that they agreed to this extension, which includes a club/vesting option in 2019. The deal will also give Cole Hamels a limited no-trade provision when he is eligible for his 10-and-5 rights.