Homer Bailey has agreed to a six-year, $105 million contract with the Cincinnati Reds that includes a mutual option for a seventh year, ESPN and multiple other outlets are reporting.

Homer Bailey's deal is for six years with a mutual option for a seventh. Bailey is 49-45 in his career. AP Photo/Al Behrman

The Reds planned to discuss the deal Thursday. Bailey declined to comment on the agreement after a workout Wednesday.

The right-hander, who was 11-12 with a 3.49 ERA in 2013, was the final major league player left in arbitration this year, with a hearing scheduled for Thursday. Bailey asked for $11.6 million, and the Reds offered $8.7 million, their biggest gap among their players in arbitration. Bailey avoided arbitration last season with a one-year, $5.35 million deal.

The Cleveland Plain Dealer reported Sunday night that the sides were nearing agreement on a six-year, $100 million contract.

The deal includes a $25 million mutual option for 2020 with a $5 million buyout and would help the Cincinnati Reds with their cash flow by deferring some of the salary for short periods.

Bailey would get salaries of $9 million this year, $10 million in 2015, $18 million in 2016, $19 million in 2017, $21 million in 2018 and $23 million in 2019. In an unusual twist, much of the annual salary would be deferred until the November after each season.