The Toronto Blue Jays have agreed to a contract extension with National League Cy Young winner R.A. Dickey, according to Ken Rosenthal of FOXSports.com.

The extension, which reportedly is worth $25 million over two years means the trade with his former team, the New York Mets will now be made official after Dickey passes his physical.

It is being reported that Dickey is now in Florida in order to undergo his physical.

The 38-year-old has one year left on his contract worth $5 million, before the new deal kicks in.

The trade which is expected to centre around the right-hander and Toronto's top prospect, catcher Travis d'Arnaud, was contingent upon the Jays signing Dickey to a contract extension within a 72-hour window that was set to expire on Tuesday at 2pm et.

There has yet to be confirmation on the players involved besides Dickey, but according to Joel Sherman of the New York Post, the deal between the two clubs could see seven players switch teams, with Dickey, catcher Josh Thole and a prospect heading to Toronto for d'Arnaud, pitching prospect Noah Syndergaard, recently acquired catcher John Buck and another prospect.

He led the National league in strikeouts with 230 last season and ranked second with an ERA of 2.73. In parts of 10 major league seasons, Dickey has a career ERA of 3.98.

If Dickey is traded, he would be only the fourth reigning Cy Young winner in history to start the following season with a new team, joining David Cone (1995), Pedro Martinez (1998) and Roger Clemens (1999).