Indians nearing two-year, $16.5 million contract extension with shortstop Asbrubal Cabrera

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FOX Sports’ Jon Paul Morosi reports that the Indians are close to agreeing to a two-year, $16.5 million extension with shortstop Asdrubal Cabrera.

The deal will run through 2014, covering Cabrera’s final year of arbitration eligibility and his first year of free agency. The 26-year-old All-Star is set to earn $4.55 million in 2012, his second year of arbitration.

Cabrera hit .273/.332/.460 with 25 homers, 92 RBI and 17 stolen bases in 151 games last season. Cleveland was probably hoping to lock him up longer, but they’ll settle for what looks to be a team-friendly two-year deal and revisit long-term talks down the road.

Cabrera stands to cash in big — either on the free agent market or with the Tribe — if he continues to register flashy offensive numbers. It’s not often that productive, under-30 shortstops become available.