NEW YORK -- The New York Mets are nearing a two-year contract extension with manager Terry Collins that includes a team option for 2016, a team source said.

The deal, which is not yet complete, likely will be announced Monday. Collins, 64, has a 224-261 record in three seasons at the Mets' helm after Saturday's loss to the Milwaukee Brewers.

The Mets are 73-88 and in third place in the National League East this season. Despite the underwhelming record, Collins has done a solid job keeping the Mets playing hard amid several obstacles.

"It's well-documented that there's been probably a lot more talent on teams that are in our division," captain David Wright said. "And I think he's done a nice job keeping the young players motivated. And just, all in all, I think he deserves to be back. And then hopefully -- with the money we have to spend and some of the trade opportunities -- we're a better team for him to manage."

The Mets have overcome the loss of several cornerstone players, including right-hander Matt Harvey (UCL tear) and closer Bobby Parnell (herniated disk) to season-ending injuries as well as Wright for seven weeks recently due to a hamstring strain.

The Mets also traded outfielder Marlon Byrd and catcher John Buck to the Pittsburgh Pirates.

After Saturday's 4-2 loss to the Milwaukee Brewers, Collins said he would wait until after the season finale to address the looming extension.

"We have said all along we'll address it when the season is over, so we'll address it when that happens," Collins said.

The manager then added about potentially returning: "I've been in baseball for 42 years. This is what I do. This is what I enjoy. This is the fun part of the game -- to compete every night. When you're my age, you walk in there and you look around and hang around with them, it keeps you young. So it would be a blast. But, again, we'll wait until the end of the year to smile about it."