Baseball commissioner Bud Selig will be offered an extension to his current contract, a highly placed source said, and baseball executives presume Selig will continue in the job.

Selig, 77, has one more year remaining on his current contract. He has previously said he intends to retire in 2012.

The extension offer will be for at least two years, the source said. It comes at a time when baseball is thriving and has a new labor agreement in place.

It's expected that at some point during the upcoming owners' meetings, which start Wednesday in Scottsdale, Ariz., Selig will be asked to depart the room, and then, as a matter of formality, a motion will be made to extend Selig's contract -- a motion that will be widely supported, according to sources.

Selig's compensation, which includes the use of a private jet, is in excess of $22 million annually, according to a source.

Before Game 7 of the World Series in October, Selig said he planned to leave this year but admitted few thought he would. Sitting in the front row of the news conference room, Sue Selig nodded her head.

"Starting with my wife, I'm happy or sad to say, but she's somewhat skeptical," he said.