After the sides were granted an extra two hours to work on a deal, the Mets announced about 30 minutes before the new 7 p.m. EST deadline that negotiations had concluded. The pitcher was scheduled to take a physical tomorrow.

Terms of the agreement were disclosed by a baseball official with knowledge of the talks who spoke on condition of anonymity because no announcement had been made.

Santana's contract topped the previous mark for pitchers, set when Barry Zito received a $126 million, seven-year deal from the San Francisco Giants last offseason. Santana was due $13.25 million in the final year of his contract with the Twins, and would have been eligible for free agency after the World Series.

The only players with larger packages are New York Yankees third baseman Alex Rodriguez ($275 million), Yankees shortstop Derek Jeter ($189 million) and Boston outfielder Manny Ramirez ($160 million).

Santana's average annual salary of $21.5 million is second only to A-Rod's $27.5 million. Among pitchers with multiyear contracts, it topped the $18.3 million of the Chicago Cubs' Carlos Zambrano.

Mets officials met with Santana's agent, Peter Greenberg, in Manhattan for the third straight day as the sides worked on a contract for the two-time AL Cy Young Award winner.

The Twins agreed Tuesday to swap Santana for four prospects: outfielder Carlos Gomez and right-handers Philip Humber, Kevin Mulvey and Deolis Guerra.

Santana and the Mets were then given until 5 p.m. EST today to negotiate a contract. For the deal to become official, the left-hander must formally waive the no-trade provision in his current contract.

With talks ongoing today, the Mets asked Minnesota for two extra hours to work on an agreement, a request that was granted by the Twins and approved by the commissioner's office.

Minnesota offered Santana an $80 million, four-year extension this offseason, but he turned it down.