Homer Bailey is nearing agreement on a long-term contract with the Reds that would avoid arbitration, the starting pitcher confirmed on Monday.

Bailey's arbitration hearing is scheduled for Thursday. As of last week, there was a large gap in the negotiations between the two sides, but that difference appears to have been bridged as a hearing loomed closer.

"It feels like we're really close. That's all I can say," Bailey said. "This whole process has been a long drawn out deal. That's the way it goes. To say this is as confident as I've been, yeah, I think so."

Bailey, 27, would not reveal the details of his potential contract, but a report from the Cleveland Plain Dealer on Sunday night said it could be worth around $100 million over six years.

If the Reds aren't able to sign Bailey beyond 2014, he could become a free agent after the season.

As the hearing day draws closer, Bailey says he hasn't been getting more nervous or stressed.

"Not so much. There are a lot of things that we have in place, I think," Bailey said. "I feel like a majority of it is fairly worked out. It's some of the little details, I think, that we're really close with. With us being here and everybody in different time zones, it puts a little bit of a damper on things."

In his arbitration case, Bailey filed for $11.6 million, while the Reds had countered at $8.7 million. One year ago, the Reds tried to sign Bailey long term but couldn't get it done. They avoided arbitration with a one-year, $5.35 million contract.

Bailey has been with the Reds organization since he was a first-round Draft pick in 2004. Since his big debut in 2007, he has a 49-45 lifetime record with a 4.25 ERA in 143 starts.

Improvement has come mainly over the last three seasons, as Bailey went a combined 33-29 with a 3.79 ERA. Over the 549 innings during that span, he has a 3.40 strikeouts-to-walks ratio, a 1.21 WHIP and 105 ERA+. He's also thrown a pair of no-hitters -- vs. the Pirates on Sept. 28, 2012, and against the Giants on July 2, 2013.

In 32 starts last season, Bailey was 11-12 with a career-best 3.49 ERA. He achieved career bests in innings (209) and strikeouts (199).