Most Valuable Player candidate Matt Kemp and the Los Angeles Dodgers are on the verge of agreeing to a new eight-year, $160 million contract, sources told ESPN The Magazine's Buster Olney on Monday.

According to a source with knowledge of the situation, Kemp was scheduled for a physical Monday at 10 a.m. PT before the deal, which has no incentives or option years, could be made official.

The deal was expected to be announced on Monday afternoon in Compton, where Kemp and outgoing Dodgers owner Frank McCourt attended the dedication of a new youth baseball field as part of the Dodgers Dreamfield program, but no confirmation was made.

"We're getting close but nothing is official yet," Kemp said. "Everybody knows that I want to stay a Dodger, be a Dodger and end my career here. That's up to the Dodger organization."

Both Kemp's agent, Dave Stewart, and Dodgers general manager Ned Colletti have expressed optimism recently that the sides could come to terms.