HOUSTON (CBSDFW.COM/AP) – A person familiar with the negotiations says AL MVP Jose Altuve and the World Series champion Houston Astros have agreed to a contract that guarantees him an additional $151 million over five seasons from 2020-24.

The person spoke to The Associated Press and sports reporters from other outlets on condition of anonymity Friday because the agreement had not been announced.

Jose Altuve #27 of the Houston Astros poses for a portrait at The Ballpark of the Palm Beaches on February 21, 2018 in West Palm Beach, Florida. (Photo by Streeter Lecka/Getty Images)

Altuve has been one of the biggest bargains in baseball. The 27-year-old second baseman is earning $6 million this year under the first option exercised by Houston in a deal he agreed to in 2013 that originally guaranteed $12.5 million from 2014-17. The Astros have a 2019 option at $6.5 million. He would have been eligible for free agency after that season.

The sides are still working on structuring what portion of the additional money will be categorized as a signing bonus to be paid in installments and what portion will be listed as salary. The average annual value of the new money is $30.2 million, among baseball’s highest.

The 5-foot-6 Altuve hit .346 last season to win his second straight AL batting title and third in four seasons. He had 24 homers, 82 RBIs and 32 stolen bases.

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)