Carlos Martinez and his agent, Brian Mejia, first approached the St. Louis Cardinals about an extension almost a year ago.

Martinez's deal is guaranteed for five years and $51 million, including two options for 2022 and 2023. It could be worth $86 million in total, per a source.

The right-hander wanted to work out a multiyear deal with the Cardinals and his arbitration rights spurred the discussion.

Martinez will make $4.5 million this coming season -- and that includes a $1-million signing bonus. Over the next four years he will make $11.5 million per year. The Cardinals hold a $17 million option for 2022 and an $18 million option for 2023.