The Philadelphia Phillies agreed to a contract extension with right-handed ace Aaron Nola. The club confirmed the four-year deal that includes a club option for 2023 on Wednesday morning shortly after it was reported by multiple outlets. Nola's new contract is worth $45 million, Ken Rosenthal of The Athletic reports.

Nola, 25, had been nearing an arbitration hearing (scheduled for Thursday) to determine his first-year arbitration salary, with his side reportedly filing at $6.7 million and the Phillies countering at $4.5 million. Nola is not eligible for free agency until 2022, so the extension would cover three years of arbitration and up to two years of free agency with the option.

More from ESPN's Jeff Passan on Nola's deal:

Nola had one of the best seasons by a Phillies starting pitcher in 2018, and finished third in voting for the National League Cy Young Award. In the breakout season, he went 17-6 with a 2.37 ERA in 33 starts. Nola finished second in the NL in ERA (2.37) and third in innings (212 1/3) and WHIP (0.97). Nola, out of LSU, was the Phillies' first-round draft pick in 2014.