The seven-year deal is worth $126 million if Wells plays out all seven years of the contract. The two sides wrapped up minor details of the contract on Friday.
Wells will receive a $25.5 million signing bonus. He will receive $8.5 million in 2008, 2009 and 2010.
The deal includes full no-trade protection and an opt-out clause after the fourth season.
The two sides agreed to an agreement on the value of the extension on Thursday and worked on the side aspects of the deal Friday evening.
Toronto is making a major statement to future free agents about their commitment to building a winning franchise with this extension to Wells.
The extension is the sixth-richest in baseball history. Alfonso Soriano signed an eight-year deal worth $136 million this off-season, and Wells' representatives wanted to use that contract as a guideline.
Originally Brian Peters, one of the agents for Wells, wanted the club to rip up his 2007 contract and offer him a new eight-year deal – similar to the one Soriano received. The Blue Jays, however, dismissed that notion from the beginning and told Wells' representatives they would not do that.
The deal is now in the hands of ownership and is expected to be approved this weekend.
Meanwhile, Toronto is also working the phones and trying to dangle outfielder Reed Johnson to acquire a middle-of-the-rotation starter. Alexis Rios could also be traded, however, Toronto is asking for a teams best pitching prospect, or a proven, young major league starter in a return package.
Future Jays Top Stories
MLB Postseason Schedule ReleasedThe 2016 MLB Postseason schedule has been released.
Indians Baseball Insider08/23/2016
Blue Jays Place Jose Bautista on 15-Day DLJose Bautista has been placed on the 15-Day DL after suffering a left big toe injury resulting from an outfield collision with the wall
Ranking the 2016 MLB Draft: AL EastScout MLB Draft Expert Jeff Ellis reviews the 2016 MLB Draft by division. First up: the American League East.