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Seattle, WA (Sports Network) - The Seattle Mariners formally announced on Tuesday that the team has reached agreement with ace pitcher Felix Hernandez on a new long-term contract that will reportedly make the 2010 American League Cy Young winner the richest hurler in MLB history.

Hernandez will officially sign the pact, which was reported by USA Today Sports last week to be worth a total of $175 million over the next seven seasons, during a press conference scheduled for 5 p.m. (et) on Wednesday.

The two sides had initially come to terms on the record pact last Thursday, but the deal had been held up over concerns by the Mariners over Hernandez's elbow following a physical exam.

Hernandez had two years and $39.5 million on a five-year extension he signed with Seattle prior to the 2010 season. The new arrangement will pay the standout right-hander $25 million annually through 2019.

Hernandez, who turns 27 in April, went 13-9 with a 3.06 ERA over 33 appearances this past season, leading the AL with five shutouts and striking out 223 batters in 232 innings.

The three-time All-Star has started at least 33 games and thrown over 230 innings in each of the last four seasons, and has compiled a 98-76 record with a 3.22 earned run average over 238 starts since breaking into the majors as a 19-year-old with Seattle in 2005.

"King Felix" topped the AL with a career-high 19 victories in 2009, then claimed his first career Cy Young the following season after going 13-12 with a league-best 2.27 ERA along with 232 strikeouts.

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