The Philadelphia Phillies reportedly have reached agreement on a five-year, $60 million contract with their star right fielder.

According to an ESPN report, the deal -- which contains an option for a sixth year that could push its value to almost $80 million -- will be announced Wednesday.

The 28-year-old Abreu was in the final year of a three-year, $14.25 million contract that was slated to pay him $6 million this season. But he was not eligible for free agency until after the 2003 season.

Abreu may not be able to fully enjoy his new-found wealth as he underwent an emergency appendectomy earlier this month but is expected to report to camp later this month.