UPDATE: Dodgers finalize contract extension with Chad Billingsley

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UPDATE: The deal is done. And as expected, he’ll receive three years and an option for 2015.

According to Dylan Hernandez of the Los Angeles Times, Billingsley will be guaranteed at least $35 million from 2012-2014. If the Dodgers exercise the option for 2015, he could make as much as $46 million.

Billingsley will earn $9 million in 2012, $11 million in 2013, $12 million in 2014 and either a $14 million club option for 2015 or a $3 million buyout.

Monday, 8:00 PM: According to Jim Peltz of the Los Angeles Times, the Dodgers and Chad Billingsley have reached a tentative agreement on a three-year contract extension valued at more than $30 million.

Details aren’t yet available, but multiple sources tell Tony Jackson of ESPN Los Angeles that the deal will cover 2012-2014 with a possible option for 2015. If true, the contract would buy out his final year of arbitration and his first two years of free agency. Billingsley and the Dodgers avoided arbitration by agreeing to a one-year, $6.275 million contract in January.

Billingsley, 26, is 59-41 with a 3.55 ERA over his first five major league seasons, averaging 8.2 K/9 and 3.9 BB/9. The former 2003 first-round pick went 12-11 with a 3.57 ERA over 31 starts last season.

UPDATE: Dylan Hernandez of the Los Angeles Times reports that the contract is worth $35-36 million, including the buyout of the option year. He adds that the salary for the option year is still being negotiated.

Report: Athletics to acquire Stephen Piscotty from the Cardinals

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Jon Heyman of FanRag Sports reports that the Athletics and Cardinals have agreed on a trade involving outfielder Stephen Piscotty. The Cardinals will receive two as yet unknown minor leaguers in return.

Piscotty, 26, hit .235/.342/.367 with nine home runs and 39 RBI in 401 plate appearances for the Cardinals this past season. He dealt with injuries and with his mother’s ALS diagnosis, so it was a rough year, but very excusably so. The Cardinals had signed him to a six-year, $33.5 million contract extension in March. He’s under contract through 2022 at a total of $29.5 million and has a club option for 2023 worth $15 million with a $1 million buyout.

The Cardinals had an outfield spot open up after agreeing to acquire Marcell Ozuna from the Marlins on Wednesday so the Piscotty trade doesn’t come as a surprise.