6:15pm: Morse's deal is worth about $10.5MM over two years, according to the Associated Press.

4:17pm: It's a two-year deal, MLB.com's Bill Ladson tweets. The agreement buys out Morse's two remaining seasons of arbitration eligibility.

3:25pm: The Nationals announced that they agreed to sign Michael Morse to a contract extension. The team agreed to extend Morse before this week's deadline for exchanging arbitration figures and Morse has since passed his physical, making the deal official. The ACES client filed at $5MM with the Nationals countering at $3.5MM.

Morse, 29, broke out with his best season yet in 2011. He posted a .303/.360/.550 line and hit 31 home runs while playing left field and first base. The Nationals acquired him from the Mariners in a 2009 trade.

Tim Dierkes recently previewed a possible deal between Morse and the Nationals, suggesting a three-year, $18.5MM extension with a club option for a fourth year might work for both sides.