The record deal is worth $300 million, a source told MLB.com's Mark Feinsand, and would represent the largest contract ever awarded to a free agent in American sports history. The deal also reportedly includes an opt-out clause after the fifth year, according to AJ Cassavell of MLB.com.
Machado's pact - which reportedly includes a six-team no-trade list - will pay him $30 million each year with a $20-million signing bonus and $10-million salary in the first year, according to MLB Network's Jon Heyman.
Machado's signing comes one year after the Padres gave first baseman Eric Hosmer an eight-year, $144-million contract. The organization also inked Wil Myers to an $83-million contract extension in January 2017 and has one of baseball's top farm systems.
Over his seven-year career, he's appeared in four All-Star Games, won two Gold Gloves, and recorded a .282/.335/.487 slash line with 175 home runs and 513 RBIs.