The Mariners and Felix Hernandez have officially reached an agreement on a contract extension.

The deal is expected to make Hernandez the highest-paid pitcher in baseball.

"I think it's a great thing for the Seattle Mariners," Jack Zduriencik said. "It's a great thing for Felix Hernandez, and looking forward to this guy being here for a very long time, obviously."

Hernandez's deal is worth $175 million over seven years, according to a source.

The value was reported last week, but a report surfaced on Sunday that the Mariners were concerned about Hernandez's elbow and declining velocity.