UPDATE: Miguel Cabrera, Tigers agree to extension; will make $292M over next 10 years

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UPDATE: CBS Sports’ Jon Heyman reports that the deal includes two vesting options valued at $30 million each. If Cabrera maxes out the deal, he could make as much as $352 million over 12 years.

6:56 p.m. ET: The new money in the deal works out to eight years and $248 million, per FOX Sports’ Jon Paul Morosi. That’s an AAV (average annual value) of $31 million, which would surpass Clayton Kershaw for the highest in baseball history.

The total commitment over the next 10 years will be around $292 million. That figure was first floated by Chris Cotillo of MLB Daily Dish.

6:37 p.m. ET: According to ESPN’s Jerry Crasnick, the extension will be for 10 years and just under $300 million. The deal includes the two years remaining on Cabrera’s current contract and eight additional years. It will take him through 2023 and his age-40 season.

Cabrera was set to make $44 million from 2014-2015, so depending on the structure, the deal could include around $250 million in new money. That would put him in the stratosphere of the two Alex Rodriguez contracts ($275 million and $252 million), which are the richest in baseball history. Albert Pujols and Robinson Cano ($240 million) are tied for third.

6:15 p.m. ET: FOX Sports’ Jon Paul Morosi reports that the new deal will add at least six years on to Cabrera’s current contract, which is set to expire after 2015. He will receive an AAV (average annual value) of around $30 million in those six years, which means that the Tigers’ commitment to Cabrera over the entire eight-year span will be at least $224 million. We should know more soon.

6:06 p.m. ET: CBS Sports’ Jon Heyman reports that the Tigers and Cabrera have reached agreement on an extension. It’s believed to be for at least seven years.

FOX Sports’ Jon Paul Morosi hears that the AAV (average annual value) is expected to be around $30 million, which would be a new record for a position player. If these reports are accurate, we’re likely looking at a guarantee of at least $210 million.

5:30 p.m. ET: Detroit may have missed its chance to extend Max Scherzer’s contract before he hits the open market, but Jon Heyman of CBSSports.com reports that the Tigers are close to a long-term contract extension with two-time MVP Miguel Cabrera.

Cabrera has two more seasons remaining on an eight-year, $152 million deal, with $22 million salaries owed in 2014 and 2015, but so far at least there’s no word on the specifics of the extension.

This is Cabrera’s age-31 season and he followed up winning the traditional Triple Crown in 2012 by winning the sabermetric Triple Crown last season, leading the league in batting average, on-base percentage, and slugging percentage. Combined over the past four seasons he hit .337 with a 1.037 OPS while averaging 39 homers, 40 doubles, 88 walks, and 127 RBIs.

Albert Pujols’ ten-year, $240 million deal with the Angels and Joey Votto’s ten-year, $225 million deal with the Reds would seemingly be pretty good starting points for a Cabrera extension and it’s tough to imagine him getting less than $200 million considering Prince Fielder got $214 million from the Tigers as a free agent two offseasons ago.

Japanese Baseball to begin June 19

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Japanese League commissioner Atsushi Saito announced that Japan’s professional baseball season will open on June 19. Teams can being practice games on June 2. There will be no fans. Indeed, the league has not yet even begun to seriously discuss a plan for fans to begin attending games, though that may happen eventually.

The season will begin three months after its originally scheduled opening day of March 20. It will be 120 games long. Teams in each six-team league — the Central League and Pacific League — will play 24 games against each league opponent. There will be no interleague play and no all-star game.

The announcement came in the wake of a national state of emergency being lifted for both Tokyo and the island of Hokkaido. The rest of the country emerged from the state of emergency earlier this month. This will allow the Japanese leagues to follow leagues in South Korea and Taiwan which have been playing for several weeks.

In the United States, Major League Baseball is hoping to resume spring training in mid June before launching a shortened regular season in early July. That plan is contingent on the league and the players’ union coming to an agreement on both financial arrangements and safety protocols for a 2020 season. Negotiations on both are ongoing. Major League Baseball will, reportedly, make a formal proposal about player compensation tomorrow.