2:51pm: Dipoto's deal is for three guaranteed years followed by two option years, clarifies Mike DiGiovanna of the L.A. Times on Twitter.

SATURDAY, 9:45am: The team announced that Dipoto received a five-year contract to be GM in a press release. His introductory press conference will be held at noon PT today.

FRIDAY, 10:34am: The Angels' exhaustive search for a new general manager is over. They will name Jerry Dipoto of the Diamondbacks their next GM, according to Ken Rosenthal of FOX Sports (on Twitter).

The 43-year-old was the top name on MLBTR's list of GM candidates. He emerged as one of the game's top executives after a successful stint as Arizona's interim GM, but he told Tim Dierkes in August that he's always looking for more knowledge.

"The day I feel like I've stopped learning about baseball is the day I should go home," he said. "Every single day you're going to learn something new and start to adjust your lines of thinking. It's an ongoing education. Every person I meet in the game, my first instinct is to learn something from them. My mentor is the game."

Dipoto, a former Major League reliever, was Arizona's senior VP of scouting and player development before landing the Angels job. After an eight-year playing career that included stints with the Indians, Mets and Rockies, Dipoto joined Colorado's front office. Later, he worked in Boston's front office and was with the Red Sox for their 2004 title, before returning to the Rockies and then leaving for Arizona.

The Angels are far from the only team affected by the move. Rays executive Andrew Friedman — apparently owner Arte Moreno's top choice — won't be going to Anaheim. The Orioles, who had interviewed Dipoto for their GM opening, lost their chance to hire Dipoto. Meanwhile, Tony LaCava of the Blue Jays, De Jon Watson of the Dodgers and John Stockstill of the Orioles have improved chances of becoming Baltimore's GM.

The Angels also considered Thad Levine of the Rangers, Damon Oppenheimer and Billy Eppler of the Yankees, former GMs Dan Evans and Omar Minaya, Kim Ng of MLB and Rick Hahn of the White Sox. The Angels won't announce the move before Saturday, since MLB prohibits major announcements during the World Series.

MLBTR's Transaction Tracker offers a look back at the moves Dipoto made while running the Diamondbacks last summer. He acquired Daniel Hudson from the White Sox and obtained Joe Saunders and prospects Tyler Skaggs and Patrick Corbin from the Angels.