Strasburg’s extension, which was first reported by Chelsea James of the Washington Post, includes deferrals and opt-outs, according to Heyman.
Ken Rosenthal of FOX Sports cites a source claiming that the opt-out will be either in the third or fourth year of the contract.
Strasburg will go from making $7.4 million per season to earning $25 million annually from 2017-23. The total dollars added equal the sixth-highest amount in a deal for a major-league pitcher.
Strasburg would also earn a $1-million performance bonus each year he pitches at least 180 innings.
A press conference to announce the deal has been scheduled for Tuesday at 2:30 p.m. ET.
Strasburg would have been eligible for free agency for the first time after this season. Instead, he stays with the team that drafted him No. 1 overall in 2009 and shut him down before the playoffs in 2012 to protect his surgically repaired right elbow.
The 27-year-old owns a 59-37 record, with a 3.06 ERA and a strikeout rate of 10.4 hitters per nine innings across seven seasons in the big leagues.