David Ortiz, an iconic figure in Boston for a decade, signed a two-year, $26 million contract on Monday that will help him toward his goal of retiring with the Red Sox.

Ortiz will discuss his new deal at a 4 p.m. ET news conference at Fenway Park. It can be seen live on MLB.com and RedSox.com.

After being released by the Minnesota Twins after the 2002 season, the Red Sox took a one-year, low-risk gamble on Ortiz. It turned out to be more than worth it, as the left-handed slugger developed into a Most Valuable Player Award candidate in his first year in Boston, and has been one of the most feared sluggers in the game throughout his 10 years with the team.

His new contract came to fruition far quicker than his last one a year ago, when Ortiz accepted Boston's offer of arbitration in early December but didn't reach a deal until minutes before a scheduled hearing in February.

The sides agreed to terms on Friday night but had to finish some procedural matters before the contract was completed on Monday.