NEW YORK — NL Cy Young Award winner Jacob deGrom and the New York Mets have agreed to a $137.5 million, five-year contract, a person familiar with the negotiations told The Associated Press. The deal guarantees an additional $120.5 million over four seasons.

The person spoke on condition of anonymity Tuesday because the agreement was subject to a successful physical.

New York and deGrom had agreed in January to a $17 million, one-year deal, and he was on track to be eligible for free agency after the 2020 season.

His new deal calls for a $10 million signing bonus, half to be paid in January 2020 and the rest in January 2021. He gets a $7 million salary this season, $23 million in 2020, $33.5 million each in 2021 and 2022 and $30.5 million in 2023. The Mets have a $32.5 million option for 2024.

DeGrom has the right to opt out of the deal after the 2022 season and become a free agent. He also gets the ability to block being traded.

CUBS: Right-hander Kyle Hendricks and Chicago agreed to a contract that adds $55.5 million from 2020 to 2023, guaranteeing he will receive $62,905,000 over the next five seasons.

Hendricks agreed in January to a one-year deal for $7,405,000. He would have been eligible for arbitration next winter.

His new deal adds salaries of $12 million for 2020 and $14 million annually from 2021-23. The agreement includes a $16 million team option for 2024 with a $1.5 million buyout, and the option would become guaranteed if he finished among the top three in Cy Young Award voting in 2020. There are $3 million annually in escalators based on finishing among the top 10 in Cy Young Award voting.

GIANTS: CEO Larry Baer will miss the first three months of the season after being suspended without pay by Major League Baseball for his role in a public altercation with his wife, Pam, on March 1.