Juan Soto and the New York Mets reached an agreement on a record-breaking 15-year, $765 million contract on Sunday, according to a source familiar with the deal who spoke to The Associated Press. This contract could increase to $805 million and is believed to be the largest deal in team sports history.

The source spoke anonymously because the deal, which was first reported by the New York Post, is still pending a successful physical examination.

Although there are no confirmed records for sports contracts outside the United States, Soto’s agreement is considered to surpass all others in team sports. The deal, which turned down an offer from the New York Yankees, who were hoping to keep Soto after he helped them reach the World Series, was made just before the start of baseball’s annual winter meetings.

Soto has the option to opt out of the contract after the 2029 season if the Mets do not raise the average annual value by $4 million at that time. He will receive a $75 million signing bonus once the deal is approved by the commissioner’s office.

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

Unlike Ohtani’s deal, Soto’s contract does not include any deferred payments, meaning its average annual value is $51 million. The length of Soto’s agreement also exceeds Fernando Tatis Jr.’s $340 million, 14-year contract with San Diego, which runs through 2034.

The Yankees’ final offer to Juan Soto was $760 million over 16 years, according to a second source familiar with the negotiations. This source, speaking anonymously because the offer was not made public, said the deal would have an average annual value of $47.5 million.

At 26, Soto is a four-time All-Star and is considered the most accomplished free agent at his age since shortstop Alex Rodriguez signed a record $252 million, 10-year contract with Texas in December 2000, when Rodriguez was 25.

Soto made his MLB debut with Washington at 19 in 2018 and helped the Nationals win the World Series the following year. During that season, he batted .282 with 34 home runs and 110 RBIs.

In 2022, Soto turned down a $440 million, 15-year offer from Washington and was traded to San Diego that August. After the passing of Padres owner Peter Seidler, Soto was traded to the Yankees in December 2023. He helped the Yankees reach the World Series for the first time since 2009.

Soto hit .288 with 41 home runs, 109 RBIs, and 129 walks, batting second in the order ahead of Aaron Judge, and contributed to an offense that led the majors with 237 home runs. He hit a go-ahead home run in the AL Championship Series opener against Cleveland and a tiebreaking, three-run homer in the 10th inning of Game 5 to win the pennant against the Guardians.

Over seven seasons in the majors, Soto has a .285 batting average, 201 home runs, 592 RBIs, and 769 walks.