Cole Hamels and the Philadelphia Phillies have agreed to a six-year contract extension worth a little more than $140 million, pending a physical, sources said early Wednesday.

The Phillies will have a news conference scheduled for 12 Noon ET.

The six-year extension makes him the second highest paid pitcher in history behind CC Sabathia, who signed a seven-year deal with the New York Yankees worth $161 million in 2008, and just passes Johan Santana's six year, $137 million contract with the New York Mets.

With the deal the Phillies are ensured that the 28-year-old left hander will avoid free agency this winter and any chances of teams trading for the lefty.

Hamels had earlier said that he enjoys playing for the Phillies and would love the opportunity to emulate one of his childhood heroes, Tony Gwynn, and play out his entire career for one franchise.

The Phillies initially offered Hamels a four-year extension last offseason, but they came to the conclusion they had no alternative but to soften that stance as Hamels drew closer to becoming a free agent this fall.

Just last week the Phillies hinted they were no longer interested in shopping Hamels around in a possible trade.

Clubs who were speaking with the Phillies said that trade talks have been essentially put on hold and there is more focus to signing the 28-year-old than making a deal for him before the deadline.

"They want to sign him, and that's their priority," said an official of one club who spoke with the Phillies' brass this week. "They're really not even entertaining (trade) offers at this point."