7:22am: The sides are expected to announce an agreement Wednesday, Scott Miller of CBSSports.com reports (on Twitter). The Phillies have had a six-year offer worth $135MM-plus on the table since the weekend, Bob Nightengale of USA Today reports (on Twitter).

12:25am: The Phillies and Cole Hamels are close to completing a six-year contract extension worth more than $137.5MM according to Ken Rosenthal of FOX Sports. It will be the second largest contract ever given to a pitcher behind C.C. Sabathia's seven-year, $161MM pact with the Yankees.

This post was first published on Wednesday, July 25th.