UPDATE: Rangers, Elvis Andrus reach an agreement on a $120 million extension

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UPDATEJon Heyman of CBS Sports reports that the deal is done.

2:42 AM: Despite the presence of Jurickson Profar waiting in the wings, the Rangers have decided to lock up Elvis Andrus to an eight-year, $120 million deal, according to FOXSports.com’s Ken Rosenthal and CBSSports.com’s Jon Heyman.

Rosenthal reports that the contract would supersede Andrus’ current deal, which will pay him $11.25 million total for 2013-14, essentially making this a six-year, $109 million extension. Heyman, on the other hand, says the eight-year, $120 million extension will kick in after his current deal, locking up Andrus for the next 10 years.

It’s actually a pretty big difference, in that Rosenthal has Andrus making $18.2 million per year for six years, while Heyman’s extension would be for $15 million per year for eight years. I’m going to guess that Heyman has it right; the latter deal would seem to me to be more palatable to the Rangers.

Obviously, the Rangers’ hope here is that the 24-year-old Andrus will continue to improve at the plate, as well he should. The four-year veteran established new highs in average (.286), OBP (.349) and slugging (.378) last year. He was also perfectly solid in 2011, hitting .279/.347/.361. One of the AL’s best defensive shortstops, he’s worth $15 million per year at the moment. Of course, his range figures to decline with age, but his bat should make up for it in his late-20s and he should still last as a shortstop well into his 30s.

As for Profar, this now makes him the Rangers’ second baseman of the future, which puts Ian Kinsler’s role in question. The Rangers could trade Kinsler this summer if they fall out of contention, but it’s more likely that they’ll shift him to first base or an outfield corner and keep him around for 2014 and beyond. He’s in the first year of a five-year, $75 million contract.

Andrus would have been eligible for free agency for the first time after 2014. Because of Profar’s presence, he had been mentioned in trade rumors, most notably in the Justin Upton talks with Arizona. The Rangers, though, never appeared interested in moving him.

Angels acquire Jabari Blash from the Yankees

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The Yankees announced on Wednesday that the club traded outfielder Jabari Blash to the Angels in exchange for a player to be named later or cash considerations.

Blash, 28, was acquired by the Yankees from the Padres back in December in the Chase Headley trade. In trading Blash to the Angels, the Yankees were able to free up a spot on the 40-man roster for Brandon Drury, the infielder they acquired as part of a three-team trade with the Diamondbacks and Rays on Tuesday.

Over parts of two seasons in the majors, Blash has hit an underwhelming .200/.323/.336 in 279 plate appearances. He will try to play his way into a bench role for the Angels this spring.