Dec 31, 2009 4:25 PM EST

The Cardinals and free-agent outfielder Matt Holliday are believed to be getting closer to an agreement that could be the largest offer the franchise has even made.

That means it would surpass the $100 million deal first baseman Albert Pujols signed in 2004.

Sources with knowledge of the negotiations told the St. Louis Post-Dispatch that progress is "strong" and a resolution could come as early as next week.

"I'm still hopeful," general manager John Mozeliak wrote in a text message. "But there is still work to be done."

Via St. Louis Post-Dispatch