Outfielder Giancarlo Stanton and the Miami Marlins reached terms Monday on a 13-year, $325 million contract, CBSSports.com’s Jon Heyman reports. When finalized, it will be the largest deal in the history of baseball and North American sports in general, surpassing Alex Rodriguez’s $275 million contract with the New York Yankees in 2008.

Stanton’s record-setting contract includes an opt-out clause, though it’s unclear when the option becomes available. The deal also includes a no-trade clause, a provision offered by Marlins management just once since owner Jeffrey Loria bought the team in 2002. Stanton’s representatives previously discussed a 12-year, $300 million deal with the Marlins.

The 13-year agreement would keep Stanton under contract with the Marlins until age 38. Neither Stanton nor the Marlins organization has confirmed the contract. However, a press conference is expected to be held Wednesday or Thursday, Heyman reports.

Stanton wasn't scheduled to become a free agent until the 2016 offseason. The one-year, $6.5 million deal Stanton signed to avoid arbitration ahead of the 2014 MLB season made him the highest-paid player on a $52.3 million Marlins payroll that ranked last among the league’s teams, ESPN reports.

Selected by the Marlins in the second round of the 2007 MLB Draft, Stanton has hit 154 home runs with 399 RBIs in five seasons. In 2014, Stanton led the National League with 37 home runs, despite missing much of the season’s final month after being hit in the face by a pitch. He hit .288 with 105 RBIs and finished second in National League MVP voting behind Los Angeles Dodgers pitcher Clayton Kershaw.

The previous record for the largest contract in Marlins history belonged to Jose Reyes, who signed a six-year, $102 million contract with the club in 2011 that included a $22 million option for a seventh season, MLB Trade Rumors reports. He was traded to the Toronto Blue Jays after just one season.