The offer is not expected to stop Rendon from exploring the free-agent market, where he will be one of the league's most sought-after players.
According to Svrluga, the deal comes with deferrals that would be paid off within seven years of the contract's expiration. This differs from the offer to Bryce Harper last year, which featured payments lasting until 2052.
Harper eventually signed with the Philadelphia Phillies on a 13-year, $330 million contract.
The Nationals could now face more pressure to re-sign Rendon, who is a legitimate MVP candidate after an outstanding 2019 season. The 29-year-old finished the year with a .319 batting average, 1.010 OPS, 34 home runs and 126 RBI, all of which were career highs.
He also led the National League in RBI and doubles (44) and helped Washington earn a wild-card spot.
As Ken Rosenthal of Fox Sports recently noted, Rendon could top the eight-year, $260 million deal Nolan Arenado received from the Colorado Rockies if he hits free agency:
The key will be negotiating with multiple teams rather than accepting an extension like Arenado.
Washington has done its best to lock down Rendon but has been unsuccessful to this point.
"We've had discussions throughout the year, and we've traded proposals back and forth," general manager Mike Rizzo said over the summer, per Mark Zuckerman of MASN. "We haven't had a deal yet. We certainly would embrace if we can get a deal done. We certainly continue to talk, and we'll see where it leads us down the road."
The All-Star will now have to decide if the latest deal was enough to keep him on the roster.