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The newspaper cited a person familiar with the contract details. The person spoke on the condition of anonymity because the contract is not yet official.
Hernandez was scheduled to earn $19.5 million in 2013 and $20 million in '14.
Instead, his new contract -- expected to be finished and announced before pitchers and catchers report for spring training later this month -- will take effect this season and pay him a record average annual value of $25 million through 2019.
Seattle Mariners general manager Jack Zduriencik and Alan Nero, an agent at Octagon Sports, which represents Hernandez, declined comment.