UPDATE: Rockies close to ten-year extension with Troy Tulowitzki

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UPDATE: Final word on this for the night. Tracy Ringolsby hears that Tulowitzki will receive $157.75 million over the length of the contract. This includes $23.75 million for the final three guaranteed years remaining on his current deal, his $15 million option for 2014 and $119 million for six new years.

10:35 PM: According to Jon Heyman of SI.com, the six-year extension is “believed to be worth” $120 million, bringing the entire package to around $160 million.

10:05 PM: We thought Cliff Lee or Carl Crawford would sign the biggest deal of the winter, but it turns out that honor may go to Troy Tulowitzki.

According to a report first passed along by Keith Law of ESPN.com and confirmed by Buster Olney of ESPN.com, the Rockies are nearing a contract extension with Tulowitzki that may be for as long as ten years.

Tulowitzki, who turned 26 last month, is in the middle of a six-year, $31 million contract that runs through 2013 and includes a $15 million club option for 2014. According to Jon Heyman of SI.com, the Rockies would pick up the option in the new deal and add six years to the contract.

Tulowtizki batted .315/.381/.568 with 27 homers, 95 RBI and a 949 OPS this past season while winning his first Gold Glove and being named to the All-Star team for the first time. The reported extension would take Tulowitzki through his age-35 season and quite possibly top Todd Helton’s nine-year, $141.5 million deal as the richest in franchise history. Stay tuned.