Nov 12, 2005 9:45 PM EST

After guiding the Chiba Lotte Marines to their first Japan Series title in 31 years last month, Bobby Valentine has agreed to a three-year contract to remain with the team, the Japan Times reported.

"We have reached an agreement and it was confirmed when I met him this morning," Marines representative Ryuzo Setoyama told the paper, adding that the whole process will be completed after lawyers deal with the paperwork.

"Each side compromised to reach this point," said Setoyama, who declined to disclose terms of the deal.

The former New York Mets and Texas Rangers manager has been mentioned as a candidate for a few managerial openings in the majors -- namely the Los Angeles Dodgers and the Tampa Bay Devil Rays.

Contacted Friday night by the Los Angeles Times, Valentine said he had yet to sign the contract, which is worth about $4 million a year. It's unknown whether the deal contains an escape clause for him to return to the U.S., but the Dodgers could not come close to matching his salary.

Via ESPN