According to ESPN, the Orioles finally signed Nick Markakis to a 6 year extension worth 66 million dollars.  I hope this is a reliable report as this news is great to hear.  The article says that the news comes from the Baltimore Sun, who cites unnamed sources.  I'm relieved to hear that the front office has finally got this done.  Nick should be producing for years to come.  You can find the short article here.

[Ed note (zk): Buster Olney is the source. They're saying it's for 6/$66M, with a possible no-trade, and is pending a physical.]

UPDATE (zk): Confirmed by The Sun:

The Orioles have finalized a six-year, $66 million contract extension with outfielder Nick Markakis, according to baseball sources. Markakis will be in Baltimore later this week to take a routine physical and to sign the contract.

The deal, which will keep one of the organization's building blocks with the Orioles through at least the 2014 season, could also include some incentives and a limited no-trade clause. In terms of guaranteed money, it will be the second-most expensive contract in Orioles history behind only the six-year, $72 million pact given to shortstop Miguel Tejada in December 2003.

 

UPDATE (Stacey): It's official and the details are found in this article by The Sun

Orioles outfielder Nick Markakis passed his physical today, finalizing his six-year, $66.1 million extension with the club. The Orioles will hold a news conference at noon tomorrow to announce the deal, which will keep one of the organization's building blocks with the club through at least the 2014 season.

The deal includes a $17.5 million mutual option for the 2015 season with a $2 million buyout, a limited no-trade clause in which Markakis can block a deal to eight teams each year, standard incentive clauses, escalating clauses that can be worth as much as $7.5 million, and a $2.1 million signing bonus to be paid over the next two seasons. He'll make a base salary of $3 million this year, $6.75 million in 2010, $10.254 million in 2011, $12 million in 2012 and $15 million in both the 2013 and 2014 seasons.

In terms of guaranteed money, it is the second richest contract in Orioles history, behind only the only the six-year, $72 million pact given to shortstop Miguel Tejada in December 2003.