May 10, 2008 12:51 PM EST

The Marlins and shortstop Hanley Ramirez have agreed to terms on a six-year contract extension worth $70 million, according to a report on ESPN.com.

"It's a very convenient agreement for both parties," a source close to ESPN said Friday night on condition of anonymity. "Hanley secures his financial future and the Marlins secure one of the most complete players in baseball for a relatively good price."

The new deal will reportedly become official once Ramirez passes a physical. The deal will instantly become the biggest in the franchise's history.

Via ESPN