SCOTTSDALE, Ariz. -- The Rockies got their man, and they have a chance to keep him in their uniform for almost a decade.

The Rockies and third baseman Nolan Arenado, one of the most beloved and accomplished players in franchise history, finalized an eight-year deal on Tuesday night. The contract is worth $260 million, a source told MLB Network insider Ken Rosenthal.

The extension includes an opt-out clause after its third season -- which would allow Arenado, 27, to hit the free-agent market at age 30. The pact also includes a full no-trade clause, a source confirmed to MLB.com's Jon Paul Morosi.

The extension could keep the superstar third baseman in Denver through 2026 and gives Arenado the highest average annual salary for a position player in history.

Arenado was originally scheduled to start on Tuesday against the Indians but was removed from the lineup after the reports of his extension surfaced.

The deal would pay Arenado an average annual salary of $32.5 million, which surpasses the $31 million average annual salary benchmark set by Miguel Cabrera’s eight-year, $248 million extension with the Tigers from 2014 and the three-year, $93 million deal that Dodgers ace Clayton Kershaw signed in November. Arizona's Zack Greinke currently has the highest average salary at a little more than $34.4 million per year.

A four-time All-Star, Arenado has averaged 40 home runs and 126 RBIs over his past four seasons and has won a Gold Glove Award at third base in each of his six Major League seasons. He has also finished within the top five in National League MVP voting in each of the last three years and already ranks within the Rockies’ top 10 players of all time in most major offensive categories.

He’s also led the Rockies to back-to-back playoff appearances.

The Rockies originally agreed to terms with Arenado in January on a $26 million salary for 2019 to avoid arbitration (a record for any arbitration-eligible player), and this new deal would replace that contract beginning this season and keep him off the free-agent market.

It’s the second year in a row the club has signed a player to long-term deal after reaching an agreement in arbitration. Last year the Rockies reached a one-year, $14 million settlement with center fielder Charlie Blackmon in January to avoid arbitration. During the first week of the regular season, they announced a six-year, $108 million agreement.