Manny Machado and the San Diego Padres have officially agreed upon a 10-year deal, according to a team announcement on Thursday.

The record deal is worth $300 million, a source told MLB.com's Mark Feinsand, and would represent the largest contract ever awarded to a free agent in American sports history. The deal also reportedly includes an opt-out clause after the fifth year, according to AJ Cassavell of MLB.com.

Machado's pact - which reportedly includes a six-team no-trade list - will pay him $30 million each year with a $20-million signing bonus and $10-million salary in the first year, according to MLB Network's Jon Heyman.

Machado's signing comes one year after the Padres gave first baseman Eric Hosmer an eight-year, $144-million contract. The organization also inked Wil Myers to an $83-million contract extension in January 2017 and has one of baseball's top farm systems.

The 26-year-old Machado hit .297/.367/.538 with 37 home runs and 107 RBIs for the Baltimore Orioles and Los Angeles Dodgers last season.

Over his seven-year career, he's appeared in four All-Star Games, won two Gold Gloves, and recorded a .282/.335/.487 slash line with 175 home runs and 513 RBIs.

The pact ends nearly three months of speculation. The New York Yankees, Chicago White Sox, and Philadelphia Phillies were believed to have varying degrees of interest in Machado.