Orioles reach agreement with Hardy on extension (updated with terms)

Today's workout at Camden Yards will include an announcement that the Orioles have reached agreement with shortstop J.J. Hardy on a contract extension, according to an industry source. Hardy, 32, was a pending free agent. Expected negotiations weren't held during spring training and the sides agreed to hold off discussions during the regular season. Hardy's extension covers the next three seasons. FOX Sports is reporting that the value is north of $40 million. Former executive Andy MacPhail acquired Hardy on Dec. 9, 2010 for minor league pitchers Jim Hoey and Brett Jacobson. Hardy hit 30, 22 and 25 home runs in his first three seasons with the club and won two Gold Glove Awards and a Silver Slugger Award. He also made his second All-Star team in 2013. Hardy batted .268/.309/.372 with 28 doubles, nine home runs and 52 RBIs this season. He went 3-for-10 with a home run in the American League Division Series. The Yankees were expected to make a strong push for Hardy as Derek Jeter's replacement. Hardy earned $21 million over the last three years of his contract. I'll pass along more information on his new deal as it becomes available. With Hardy's extension done, the Orioles may turn their attention to right fielder Nick Markakis, another pending free agent. Markakis' contract includes a $17.5 mutual option for 2015. 105.7 The Fan first reported Hardy's extension. Also, the Orioles announced that tickets for the American League Championship series at Camden Yards are no longer available through the public sale. Update: I'm hearing that Hardy's deal is $40 million over three years, with $6.5 million deferred. The contract also includes a vesting option for a fourth year based on at-bats.