Jan 17, 2009 7:34 PM EST

Orioles' president Andy MacPhail told Dan Connolly of the Baltimore Sun that the club has made "real progress" in their contract-extension negotiations with Nick Markakis.

One source said the sides are close to agreeing to a six-year deal worth between $64 million and $66 million in guaranteed money.

"We're close," said MacPhail, "but we're not there yet."

RealGM Note: Markakis was 43rd in season FIC during the 2008 and 'deserved' to make $13M, making his Reina Value an excellent +2,757%.

Via Baltimore Sun