The Athletic's Ken Rosenthal first reported Nola and the Phillies were closing in on a four-year, $45 million extension.
ESPN's Jeff Passan reported the two sides were in agreement and the deal includes a team option for a fifth year. Per Jon Heyman of Fancred Sports, Nola will earn $16 million in the fifth year if his option is picked up.
Nola's performance has certainly warranted a long-term extension, especially over the past two seasons. He still had three more years of team control remaining before hitting free agency.
By agreeing to this extension with Nola, the Phillies have bought out as many as two free-agent years. He will still be able to hit the market after the 2023 season at the age of 30.
The 25-year-old ranks seventh among all starting pitchers with a 2.89 ERA and eighth with 9.8 wins above replacement since 2017, per FanGraphs.
Originally drafted seventh overall by the Phillies in 2014, Nola made his MLB debut the following season. He has since become the ace of their pitching staff after finishing third in NL Cy Young voting in 2018 and making his first All-Star team.
Nola will be the anchor of Philadelphia's rotation when this season begins on March 28 against the Atlanta Braves. The former LSU star will look to improve on last year's numbers when he posted a 2.37 ERA with 224 strikeouts in 212.1 innings.