[UPDATE] Robinson Cano has agreed to a 10-year, $240 million contract with the Seattle Mariners according to Enrique Rojas of ESPN.

[EARLIER] The Seattle Mariners thought they were about to make a major splash in the free agent market by signing Robinson Cano to a 9-year, $225 million deal. But things took an unexpected turn when Cano's agent, Jay Z, demanded a bigger contract according to Bill Madden, Teri Thompson, and Mark Feinsand of the New York Daily News.

According to the report, Seattle was willing to raise the initial 8-year, $200 million offer to $225 million. When Cano and Jay Z flew out to Seattle, the Mariners believed it was to sign a contract according to Bob Nightengale.

The Daily News reports that Jay Z then surprised the Mariners by demanding a 10-year, $252 million contract. Ken Rosenthal of Fox Sports says Jay Z wanted a $260 million contract.

At this point, Mariners CEO Howard Lincoln "exploded" which ended the meeting. A source with the Mariners told the Daily News that they now think the deal is off completely.

Jay Z is playing a risky game of poker at this point with his first major baseball deal. Cano may prefer to re-sign with the Yankees and the negotiations with the Mariners may just be a ploy to get the Yankees to up their offer of approximately $170 million. But if the Mariners retract their offer all-together, Cano may be forced to accept the Yankees offer and lose out on an additional $55 million.