Rockies third baseman Nolan Arenado rounds third after hitting a home...

Rockies third baseman Nolan Arenado rounds third after hitting a home run in the bottom of the first inning against the Mets at CitiField on May 5, 2018. Credit: Errol Anderson

DENVER — A person familiar with the negotiations tells The Associated Press that Colorado Rockies All-Star third baseman Nolan Arenado has agreed to a $260 million, eight-year contract.

The person spoke on condition of anonymity Tuesday because the deal has not been finalized. The agreement includes a provision that allows Arenado to opt out after three years and become a free agent.

If the deal is finalized, Arenado's $32.5 million average annual value would be the second-highest in baseball history behind the $34.42 million for pitcher Zack Greinke in a $206.5 million contract with Arizona that began in 2016. Arenado's deal would replace a $26 million, one-year contract he agreed to Jan. 31.

Arenado, who turns 28 on April 16, was on track to be eligible for free agency after this season. He has earned a Gold Glove at third base in each of his six major league seasons. He batted .297 with an NL-leading 38 homers last season, finishing third in MVP voting.

Colorado, which has never won the World Series, made its second straight postseason appearance last year. The Rockies on Monday announced a three-year contract extension for manager Bud Black through 2022.

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