Manny Machado, San Diego Padres finalizing $350 million contract extension: reports

The Padres are locking down their star third baseman.

The San Diego Padres and star Manny Machado are finalizing an 11-year, $350 million contract extension, according to reports.

The deal comes a week after Machado said he would opt out of the final five years of his contract that he initially inked with the Padres in 2019 after a short stint with the Dodgers. The final five years of the previous deal owed the third baseman $150 million.

The new reported contract extension keeps the star in San Diego through the 2033 season.

The new deal keeps the six-time All-Star in San Diego without him testing the free agency market next winter, a market that Machado said has “lot of money out there” during a spring training interview last week.

The Padres front office remain steadfast in making big splurges in order to win the franchise’s first World Series.

[ Bill Madden: Yankees, Mets spent big bucks over the winter but neither team seems much closer to winning World Series ]

In December, the team signed former Red Sox shortstop Xander Bogaerts to an 11-year, $280 million contract. Bogaerts’ addition will force Fernando Tatis Jr., who signed a 14-year, $340 million deal in 2021, to the outfield after he returns from suspension.

Earlier this month, right-hander Yu Darvish inked a six-year, $108 million extension with the team. Right-hander Joe Musgrove capped an All-Star season by signing his five-year, $100 million dollar deal in August.

With Juan Soto’s impending free agency looming, the Padres currently carry the third-highest competitive-balance-tax payroll in MLB at more than $266 million, according to Baseball Prospectus.

Machado finished second in the National League MVP voting last season, losing to St. Louis’ Paul Goldschmidt. The two-time Gold Glove award winner played one of his best seasons with the Padres in 2022, slashing .298/.366/.531 with 32 homers and 102 RBI.