The deal is reportedly worth $40 million and can max out at $52.25 million over five years, a source told ESPN's Jeff Passan.
Severino's reported contract breakdown
|2019||$4M + $2M bonus|
|2023||$15M club option with $2.75M buyout|
*Figures courtesy of Jeff Passan
The contract covers Severino's four arbitration years and one year of free agency if the option is exercised.
A press conference to officially announce the deal will be held on Saturday, according to Passan.
Severino wanted money pushed toward the front of this deal to protect against a possible player's strike when the collective bargaining agreement expires on Dec. 1, 2021, reports The Athletic's Ken Rosenthal.
The dynamic, young Severino has been a real weapon in New York's rotation since arriving in the big leagues in 2015. Across four seasons, the 24-year-old Dominican owns a 41-25 record with a 3.51 ERA, along with 572 strikeouts in 518 innings.
He's already a two-time All-Star and has finished among the top 10 in American League Cy Young voting in two consecutive seasons.