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.

Abreu is coming off a season in which he hit .289 and set career highs with 31 homers, 110 RBI and 36 stolen bases. He was the first Phillie ever to hit 30 homers and steal 30 bases in the same season.

The signing of Abreu to a long-term deal may be an attempt to send a signal to third baseman Scott Rolen, who has turned down a lucrative long-term deal. Rolen has cited the team's unwillingness to spend money in order to compete.

A lifetime .307 hitter, Abreu has a career on-base percentage of .408 -- trailing only Barry Bonds, Jeff Bagwell and Brian Giles among National League players with at least 2,800 plate appearances.