The Reds and right-hander Homer Bailey have agreed to a six-year contract extension worth a guaranteed $105 million, a source tells MLB.com's Mark Sheldon. Sheldon adds that the deal also includes a mutual $25-million option/$5-million buyout for a seventh year. Earlier on Wednesday, CBSSports.com's Jon Heyman reported that both sides were working toward just such a deal.

In essence, the extension as reported would buy out the final year of Bailey's arbitration eligibility and the first five years of his free agency, at a minimum. If the option is excercised then Bailey, currently 27, wouldn't be a free agent until age 34.