Arenado will receive the largest per-year salary of any position player in the MLB.

Rockies third baseman Nolan Arenado has agreed to an eight-year extension worth $260 million with the Rockies on Tuesday, according to ESPN's Jeff Passan.

Arenado's deal reportedly includes an opt-out after three years and includes the largest per-year salary of any position player in baseball. Miguel Cabrera held the previous record at $31 million per year. Arenado will be eligible for free agency again after the 2021 season. His deal also includes a full no-trade clause.

Colorado previously avoided arbitration with Arenado on Jan. 31 when the two sides agreed to a one-year, $26 million contract.

Arenado has been among the most productive players in the National League since 2015. He has made four-straight All-Star Games and finished in the top-ten of the NL MVP race in each of the last four seasons. Arenado is a six-time Gold Glover. He has led the National League in homers in three of the last four seasons.

Colorado drafted Arenado in the second round in 2009. He made his MLB debut in 2013. Arenado finished third in the NL MVP voting in 2018, his best finish in six seasons. The Lake Forest, Calif. native bashed 38 homers and 38 doubles last year, hitting .297 while driving in 110 runs.

Arenado has averaged 40 homers and 126 RBI per year since since 2015, sporting a .931 OPS.

The Rockies reached the postseason for the second-straight season in 2018. They finished second in the NL West at 91–72 before losing to the Brewers in the NLDS. Colorado finished eighth in the MLB in homers and seventh in runs produced.