Rodriguez and the Yankees agreed to a $30 million marketing agreement that could raise the total value of his contract to $305 million over 10 years, according to multiple published reports.
The agreement would pay A-Rod an additional $6 million over his contract base for matching Willie Mays with 660 career home runs, Babe Ruth with 714, Hank Aaron with 755 and Barry Bonds with 762 (and possibly counting) -- and then an additional $6 million for passing Bonds to become baseball's all-time home run king. The agreement has not yet been finalized, but both sides have reportedly agreed to its terms.
Rodriguez will enter next season with 518 career home runs, and is on pace to break what's largely considered baseball's most sacred record sometime around 2013.
Major League Baseball doesn't usually endorse bonuses tied to home run totals, but the Commissioner's Office approved this arrangement because Rodriguez would need to make additional personal appearances and memorabilia signings to collect all its benefits, according to the Associated Press.
The Yankees and Rodriguez agreed to the basic framework of a 10-year, $275-million contract nearly two weeks ago, but the deal remains incomplete. These new performance clauses were the last major obstacle, with only final contract language and a physical remaining before Rodriguez can officially ink the deal.
The contract could now be finalized within the next few days.
"When you mix championships and all-time records, the potential of it is exciting for my family and for me," Rodriguez said on a conference call with reporters last week.
Rodriguez won his third MVP award last week, after batting .314 with 54 homers and a career-high 156 RBIs in his fourth season with the Yankees.
Anthony DiComo is an associate reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.