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Report: Manny Machado signs with San Diego Padres on 10-year, $300 million deal

The San Diego Padres have reached an agreement with free agent infielder Manny Machado on a 10-year, $300 million deal, according to multiple reports Tuesday.

If confirmed, it would be the most lucrative free-agent contract in the history of American sports, according to MLB.com.

Padres executive chairman Ron Fowler cautioned in an interview with The Athletic the deal was not done. "We do not have a deal. We are continuing discussions," Fowler said.

But The Athletic's Ken Rosenthal characterized Fowler's comments as "semantics," reporting that the financial terms are in place and that the two sides are finalizing the language. Machado also needs to pass a physical.

The contract reportedly includes an opt-out after the fifth season.

Machado, 26, batted .297 with 37 home runs and 107 RBIs last season with the Baltimore Orioles and Los Angeles Dodgers.

The four-time All-Star and two-time Gold Glove Award winner was one of the top unsigned superstars on the market, along with outfielder Bryce Harper.

The Chicago White Sox and Philadelphia Phillies were considered front-runners in the Machado sweepstakes before the Padres got involved.

The Padres have posted eight straight losing seasons and haven't been to the playoffs since 2006.