An official announcement of the extension will come tomorrow, according to Janes.
Strasburg will make $175 million over the next seven seasons, Jon Heyman of MLB Network reports. This will keep Strasburg in a Nationals uniform through the 2023 season.
This type of extension is something of a rarity for Strasburg's agent, Scott Boras. Boras seldom signs extensions for players before they reach free agency, where they can receive true market value.
The last time Boras made a deal similar to Strasburg's was in 2011, when he completed a five-year extension for Jered Weaver with the Angels worth $85 million.
The 27-year-old Strasburg has been a keystone in the Nationals' recent success, helping the team reach the playoffs in 2012 and 2014, the first two postseason appearances for Washington since they moved from Montreal.
Strasburg was subject to some controversy in 2012 when the Nationals kept him from pitching in the playoffs being only two years removed from Tommy John surgery and pitching in his first full season in the Majors.
A one-time phenom, Strasburg was drafted No. 1 overall in the 2009 MLB Draft and reached the Major Leagues the very next season at age 21.
Strasburg suffered from a torn ulnar collateral ligament (UCL) in his elbow on August 21, 2010 against the Phillies, forcing him to have the Tommy John procedure.
Strasburg made the National League All-Star team just two years later, but other injuries have kept Strasburg from being an elite pitcher, rather than just a very good pitcher.
In 2015, Strasburg went 11-7 with a 3.46 ERA and a 155 to 26 strikeout-to-walk ratio in 127 1/3 innings pitched. He posted a 2.81 FIP, 2.69 xFIP, and a 3.4 FanGraphs Wins Above Replacement in 23 starts.
Through six starts this season, Strasburg has pitched to an elite level. He is 5-0 with a 2.36 ERA and a 47 to 9 strikeout-to-walk ratio in 42 innings pitched. He has a 1.79 FIP and a 2.69 xFIP, as well as a 1.7 fWAR.
Strasburg's extension may pave way for a deal for Nationals outfielder Bryce Harper, who also is represented by Boras. The true impact, if any, however, remains to be seen.
Before the extension, Strasburg was arguably the best free agent in this offseason's class. Other notable starting pitchers expected to be available include Brett Anderson, Clay Buchholz, Mat Latos, and Jeremy Hellickson. Scott Kazmir and James Shields could become free agents pending their respective opt-out clauses.
In Washington, a budding ace in Stephen Strasburg has not only become part of his team's present plans, but now their future plans as well with a large, seven-year extension.