This story was excerpted from Maria Guardado’s Giants Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.

Carlos Correa’s megadeal with the Giants has fallen through, as the All-Star shortstop agreed to a 12-year, $315 million contract with the Mets late Tuesday night, a source told MLB.com’s Anthony DiComo.

The development was first reported by MLB Network insider Jon Heyman. The Mets have not confirmed the agreement.

It’s a stunning turn of events for the Giants, whose 13-year, $350 million deal with Correa never became official due to a disagreement over the prized free agent’s physical. The Giants had been planning to introduce Correa during a press conference at Oracle Park at 11 a.m. PT on Tuesday morning, but the team hastily postponed the event three hours before it was scheduled to take place.

The Giants did not provide a reason for the delay, but a source told MLB.com’s Mark Feinsand that the team was “waiting on results” for unspecified tests. Ronald Blum of the Associated Press reported that a medical issue was flagged during Correa’s physical, which took place on Monday.

The hold up created an opening for the Mets to swoop in and consummate a new deal with Correa, who is now expected to slide over to third base and join fellow Puerto Rican star Francisco Lindor on the left side of New York’s infield.

Scott Boras, Correa’s agent, told The Athletic’s Ken Rosenthal that he gave the Giants “reasonable time” to finalize the deal before he decided to reopen negotiations with other teams.

• What's next for Giants after losing Correa?

“We reached an agreement. We had a letter of agreement. We gave them a time frame to execute it,” Boras told The Athletic. “They advised us they still had questions. They still wanted to talk to other people, other doctors, go through it.

“I said, ‘Look, I’ve given you a reasonable time. We need to move forward on this. Give me a time frame. If you’re not going to execute, I need to go talk with other teams.”

Giants president of baseball operations Farhan Zaidi issued this statement on Wednesday: "While we are prohibited from disclosing confidential medical information, as Scott Boras stated publicly, there was a difference of opinion over the results of Carlos’ physical examination. We wish Carlos the best."

Correa, 28, dealt with back issues earlier in his career, but he’s averaged 142 games played in the past two seasons, with his Twins tenure only interrupted by two freak occurrences -- a bout of COVID-19 and a bruised finger sustained on a hit-by-pitch. He underwent arthroscopic surgery to repair a fractured right fibula as a 19-year-old Minor Leaguer with the Astros in 2014, but he hasn’t spent any time on the injured list for a lower right leg issue since reaching the Majors.

Correa’s injury history should have been well known to the Giants, who hired longtime Astros executive Pete Putila as their new general manager at the beginning of the offseason.

The Giants have now lost their top two free-agent targets to New York, as they tried hard for Aaron Judge before he agreed to re-sign with the Yankees on a nine-year, $360 million deal. It’s unclear where they’ll pivot to now, as most of the top free agents are off the board at this stage in the offseason.