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UPDATE: David Kaplan of CSNChicago.com hears that the deal is very close, but isn’t finalized yet.

3:22 PM: We’ve heard reports over the past couple of days that the Cubs and Starlin Castro were close to agreeing on a long-term contract extension. The deal is now in place.

According to Enrique Rojas of ESPNDeportes.com, the Cubs and Castro have agreed to a seven-year, $60 million extension with a $16 million club option for 2020.

Castro was projected to qualify for arbitration this winter as a Super Two player, so the deal covers all four years of arbitration eligibility and three years of free agency. He will be signed through his age-29 season.

Castro, 22, entered play this afternoon with a .297/.333/.422 batting line over his first three seasons in the big leagues. He continues to have his share of mental errors and his plate discipline, fielding and baserunning all have room for improvement, but Theo Epstein and company have sent a clear message that they consider their young shortstop an important building block.