By Shannon Drayer

The Mariners have announced that they have reached agreement with Felix Hernandez on a contract extension. GM Jack Zduriencik told the media in Peoria that details of the contract would be revealed at the press conference but ESPN's Buster Olney reports that it is indeed a new seven year, $175 million dollar deal that replaces the existing contract, that had two years remaining.

Hernandez will travel back to Seattle to sign the new contract and participate in the press conference which will be held at Safeco Field at 2 pm Wednesday. That press conference can be heard on 710 ESPN.

The two sides have been working on the deal for some time now, with negotiations intensifying early last week. Reports of concerns about the MRI results on Felix's right elbow had some speculating the deal could be in jeopardy. But GM Jack Zduriencik put those thoughts to rest Tuesday morning when he announced that the two sides were continuing to work on the deal and things were progressing in a positive manner.

According to Olney "minor concessions" were made to address the elbow condition in the new contract.

The deal will keep Hernandez in a Mariners uniform through the 2019 season. There is no word yet if there is a no-trade clause in the deal. It would be irrelevant after the 2015 season, when he gains 10 and 5 rights and trade approval as a player who has played ten years in the league, five for the same team.

The contract is the largest in baseball history for a pitcher, both in terms of average annual and total value, and by far the largest ever given by the Mariners.