TEMPE, Ariz. -- The Angels and Mike Trout have finalized a record-setting 12-year contract, the team announced on Wednesday night. The deal is for a reported $426.5 million.

Trout, 27, was eligible to become a free agent after the 2020 season upon the completion of the six-year, $144.5 million deal he signed in 2014. This new contract adds 10 years to his existing deal, making it 12 years total. There is no opt-out clause in the deal, according to a report by the Los Angeles Times.

"This is where I wanted to be all along," Trout said in a statement released by the Angels. "I have enjoyed my time as an Angel and look forward to representing the organization, my teammates and our fans for years to come."

The Angels have scheduled a public press conference for 3 p.m. PT on Sunday in Anaheim, before the opener of their Freeway Series with the Dodgers. The event will be held in front of the Home Plate Gate at Angel Stadium, and fans are encouraged to attend.

"This is an exciting day for Angels fans and every player who has ever worn an Angels uniform," Angels owner Arte Moreno said. "Mike Trout, an athlete whose accomplishments have placed him among the greatest baseball players in the history of the game, has agreed to wear an Angels uniform for his entire career.”

Trout’s is the first $400 million contract in Major League history, surpassing the total value of the 13-year, $330 million contract Bryce Harper signed with the Phillies earlier this month. It is also the third record-setting contract signed this offseason. Previously there had been just one $300 million contract -- Giancarlo Stanton’s 13-year, $325 million extension signed in November 2014 when he was with the Marlins.

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When Manny Machado signed a 10-year, $300 million contract with the Padres in February, it was the first $300 million contract given to a free agent. Then Harper signed his, signifying the most years given to a free agent and the largest contract by total value in North American professional sports history.

But now Trout’s deal, a 10-year agreement for $360 million added to the $66.5 million remaining on the two years of his current contract, takes the distinction of having most total value. With an average annual value of $35.83 million, it also has the largest average annual value of any MLB contract, surpassing Zack Greinke’s $34.4 million per year in his current deal with the D-backs.

Angels manager Brad Ausmus was coy when asked about the deal on Tuesday, because it hasn’t become official yet. Trout wasn’t at Tempe Diablo Field when news of the agreement first broke on Tuesday.

"I don't have a comment," Ausmus said, before discussing Trout's impact in the upcoming season. "He's very important to me. I'm looking at 2019 and he's the best player in baseball."

Angels players, however, were thrilled with Trout’s agreement. Several talked to the outfielder on Tuesday morning via FaceTime.

"Mike Trout is the greatest player of all time," said lefty Tyler Skaggs, who was Trout's roommate in his first two years in the Minors. "He deserves everything. Five hundred, six hundred, eight hundred [million]. I’m really happy for him. I FaceTimed him today. Very Jerry McGuire-esque."

"He's the best player I've ever seen," said right fielder Kole Calhoun. "He told me he wasn't going to be here today and I said, 'All right, congrats.' I knew what was going on. It was just cool, especially for him and his wife and for his mom and dad. Everybody knows a lot about him and his life and what a great guy he is. Couldn't happen to a better person."

Trout, a native of Millville, N.J., is a noted Philadelphia sports fan and Harper had been vocal about wanting to recruit Trout to sign with the Phillies after the 2020 season. But Trout is comfortable in Southern California and has enjoyed his time with the Angels, although they've made it to the postseason just once in his eight-year career.

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Veteran Albert Pujols, who previously owned the record for the largest contract in Angels history at 10 years and $240 million prior to the 2012 season, said Trout’s deal shows the commitment of the franchise and owner Arte Moreno to win.

"Trout is one of those players who comes around once every 50, once every 100 years," Pujols said. "I’m blessed to wear the same uniform as him.”

Reaction around the big leagues was swift and positive, as players were happy to see the consensus best player in baseball get a record-setting extension.

"It's pretty cool to see that," Cubs third baseman Kris Bryant said. "He deserves every penny of it and more. I mean, the guy's been the best player in baseball. He's probably one of the best baseball players ever. I don't even think there's anything to question about him signing that deal. He obviously likes it in L.A. And now he's there forever. That's pretty cool. I'm happy for him."

Said Cubs manager Joe Maddon: "He is the best player in the game. He deserves that. If there's been any concerns about spending money throughout the industry, that kind of maybe squashed it."

"If there is somebody who deserves it and has earned it, it's him," Rangers shortstop Elvis Andrus said. "He is the only one everybody will say, 'He deserves it.' Anyone who comments in a negative way doesn't know baseball. He is the best player in the game. He shows up every year and you can always say the same thing about him. He is a humble person who plays the game the right way. He is the face of baseball."

"Amazing deal for the best player in the game," Rockies third baseman Nolan Arenado said. "It’s cool to see a team go after him and make sure they keep him like that. He’s probably the greatest five-tool player the game has seen."

Said Rangers outfielder Joey Gallo: "He deserves it. If anybody deserves it, it’s him. You always like to see guys get paid what they are worth. It’s great for him and it’s great for the game.”

Trout, taken with the No. 25 overall pick in the 2009 Draft out of Millville Senior High School, won the American League Rookie of the Year Award in 2012, finishing second in the balloting for the AL MVP Award that year. He also finished second in the voting for MVP in '13, '15 and '18, while winning it in '14 and '16 and finishing fourth in '17. He enters the season with 64.3 career WAR, already 99th all-time among position players and more than numerous Hall of Famers. It’s the highest WAR by any player in Major League history though an age-26 season.

“He's a different animal. A man among boys,” shortstop Andrelton Simmons said. “When you think about the Angels, you think about Mike Trout."