Source: Strasburg re-signs for seven years, $245 million

SAN DIEGO - Only hours into the opening day of the Winter Meetings, the Nationals have checked off one of their biggest boxes of the offseason: re-signing Stephen Strasburg.

Strasburg and the Nationals have agreed to terms of a new contract that will pay him $245 million over seven years, a record deal for a major league pitcher both in total value and average annual value ($35 million), a source familiar with the terms confirmed.

The new deal is expected to be formally announced later this afternoon here at the Manchester Grand Hotel in Strasburg's hometown.

It's the second time Strasburg has signed a seven-year extension with the Nationals; his first deal, agreed to in May 2016, was for $175 million but included opt-out clauses after the third and fourth years. On the heels of a record-setting postseason performance in October, Strasburg enacted the first of those opt-out clauses, believing he'd get more than the four years and $100 million that had been remaining on that deal.

The right-hander exceeded those numbers by leaps and bounds. He's now the recipient of a contract that surpasses the seven-year, $210 million deal rotation mate Max Scherzer signed in 2015, and Strasburg is set up to pitch for the Nationals for his entire career.

Strasburg, the No. 1 overall pick in the 2009 draft who struck out 14 batters in his major league debut the following summer, is now signed through age 38.

The Nationals were hopeful - perhaps even confident - all along they'd be able to retain Strasburg, who in addition to signing his previous long-term deal had moved his family to the D.C. area full-time last winter and has always expressed a preference for staying in town. But several other clubs did make a run at him over the last few weeks, including the Yankees, Angels and Padres.

With Strasburg now locked up, the Nationals will keep their dominant World Series rotation intact, with Strasburg and Scherzer (signed for two more years) joined by Patrick Corbin (signed for five more years) and Aníbal Sánchez (signed for one more year) and then a group of young right-handers (Joe Ross, Erick Fedde, Austin Voth) competing for the No. 5 job.

They now must turn their attention to addressing their other roster needs, including third base, which now may feature a new face in 2020. Managing principal owner Mark Lerner publicly stated last week he didn't believe the organization could afford to re-sign both Strasburg and Anthony Rendon. If Lerner holds true to that belief, his team will need to find a new third baseman and No. 3 hitter.

Today's Strasburg signing was first reported by MLB Network's Jon Heyman.