12/03/08 12:55 PM EST
Pedroia signs extension with Red Sox
AL MVP locked up in six-year deal worth more than $40 million

By Jim Molony / MLB.com

The Red Sox have signed American League Most Valuable Player Dustin Pedroia to a six-year contract extension, a source confirmed to MLB.com on Wednesday.

The Red Sox will hold a news conference at 3 p.m. ET at Fenway Park to announce the signing.

Pedroia's deal is worth $40.5 million and includes an $11 million club option for 2015 that will be waived if Pedroia is traded. The deal will cover the second baseman's three arbitration and first two free-agent seasons.

Pedroia will receive a $1.5 million signing bonus and a $1.5 million salary for '09. He'll earn $3.5 million in '10, $5.5 million in '11, $8 million in '12, $10 million in '13 and $10 million in '14. The buyout of the 2015 option would be $500,000.

Pedroia hit .326 with 17 home runs and 83 RBIs in 2008 en route to Gold Glove and Silver Slugger Awards this year. The 2007 AL Rookie of the Year stole 20 bases this season to help the Red Sox win the AL Wild Card.

Pedroia's new contract would rank among the largest given a non-arbitration-eligible player, joining Marlins shortstop Hanley Ramirez (six years, $70 million), Mets third baseman David Wright (six years, $55 million) and Brewers left fielder Ryan Braun (eight years, $45 million).

Jim Molony is a writer for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.

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