Star third baseman Manny Machado and the San Diego Padres are finalizing an 11-year, $350 million contract extension, sources familiar with the deal told ESPN.

Machado, 30, said earlier this week he intended to opt out of the final five years (and $150 million) of his current contract with the Padres following the season after preliminary negotiations on an extension broke down. While Machado had set a Feb. 16 deadline to reach a new deal, conversations continued between Machado's agent, Dan Lozano of MVP Sports, and Padres general manager A.J. Preller. The deal is expected to be official soon.