Per WEEI's Lou Merloni, the Dodgers are closing in on an extension of 10 years or longer with the four-time All-Star worth between $350 million and $400 million.
Jon Heyman of MLB Network confirmed the two sides have been talking. ESPN's Jeff Passan added the contract is expected to be worth more than $380 million over 13 years, including the $27 million Betts is already owed for the 2020 season.
There has been speculation about what Betts might earn as a free agent given the uncertain financial state for MLB teams, with no fans allowed to attend games this season because of the coronavirus pandemic.
In May, The Athletic's Peter Gammons told 670 The Score's Mully & Haugh Show that Betts will be "lucky to get up to $250 [million] in free agency this coming winter."
The Red Sox and Betts agreed to a one-year, $27 million deal to avoid arbitration in January, but they traded him, David Price and cash considerations to the Dodgers for Alex Verdugo, Jeter Downs and Connor Wong on Feb. 10.
If Betts signs an extension with the Dodgers for the reported amount, it will be the second-largest contract in MLB history behind Mike Trout's 12-year, $426.5 million deal with the Los Angeles Angels.
Betts, 27, has established himself as one of the best all-around players in MLB over the past six seasons. He has a .301/.374/.519 slash line with 139 home runs, 126 stolen bases and 470 RBI in 794 career games. The Tennessee native has won four straight Gold Gloves, three Silver Slugger awards and the 2018 AL MVP.