Feb 04, 2010 12:31 AM EST

Justin Verlander has agreed to a five-year, $80 million contract with Detroit.

The Associated Press reported the agreement, citing an anonymous source familiar with the negotiations. The deal could reportedly be formalized on Thursday.

Team president/general manager Dave Dombrowski was not immediately available for comment, nor were Verlander's agents at SFX.

RealGM Note: Verlander was ranked third in season FIC during the 2009 season, 'deserving' a salary of $21.6 million, giving him an excellent Reina Value of +488%.

Via MLB.com