Guerrero’s deal does not include any deferred money, the person said.
“Wow. Awesome. As a teammate, we know who’s going be at first base the next 14 years," Blue Jays pitcher Max Scherzer said Monday before a four-game series at Boston.
Guerrero agreed in January to a $28.5 million, one-year contract that avoided arbitration, and the four-time All-Star first baseman had said he wouldn't negotiate after he reported to spring training in mid-February. Still, talks with his agent continued well into the regular season.
"Man, I was excited," outfielder George Springer said after the Blue Jays beat the Boston Red Sox 6-2 at Fenway Park. "I think it shows the level of commitment the organization has to the players, the team, the club, but, most importantly, the fans, the city, the country."
Toronto manager John Schneider didn't want to talk about the deal until it was finalized. Guerrero still must pass a physical. Schneider said he hoped “everything that is reported gets done.”
Guerrero got the third-largest contract in total dollars behind outfielder Juan Soto's $765 million, 15-year contract with the New York Mets that started this season and two-way star Shohei Ohtani's $700 million, 10-year agreement with the Los Angeles Dodgers that began last year and is heavily deferred.
Guerrero's $35.71 million average annual value under the new deal ranks eighth among current contracts behind the agreements of Ohtani ($70 million), Soto ($51 million), Philadelphia pitcher Zack Wheeler ($42 million), Yankees outfielder Aaron Judge ($40 million), Texas pitcher Jacob deGrom ($37 million), Dodgers pitcher Blake Snell ($36.4 million) and Yankees pitcher Gerrit Cole ($36 million).
A son of Hall of Famer Vladimir Guerrero, the Blue Jays star turned 26 last month and would have been a free agent this fall at a relatively young age.
“He's always been driven and he's been pretty open about saying he wants to be as good or better than his dad, which is saying a lot,” Schneider said.
The younger Guerrero is a .277 career hitter with 160 homers and 511 RBIs. He's batting .256 with no homers and four RBIs in the first 10 games this season.
Seeking its first World Series title since winning championships in 1992 and 1993, Toronto notably failed to land Ohtani, Soto and Roki Sasaki. The Blue Jays agreed to a $92.5 million, five-year contract with outfielder Anthony Santander; a $15.5 million, one-year contract with right-hander Scherzer; and a $33 million, three-year contract with reliever Jeff Hoffman.
“We just want to win,” Scherzer said. “It’s great for the Toronto organization.”
Toronto shortstop Bo Bichette, a two-time All-Star, remains eligible for free agency after this year's World Series.
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AP freelance writer Ken Powtak in Boston contributed to this report.
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