Reds, Homer Bailey working on extension over $100 million

The Reds and Homer Bailey are working on a contract that is worth over $100 million, according to CBSSports.com Baseball Insider Jon Heyman.

The two sides have been working on a deal for a while now, and it was rumored they were getting closer. Bailey is set to receive a six-year deal worth between $100 million and $110 million. The deal also contains an option for a seventh year. Bailey is set for an arbitration hearing Thursday, but there's a chance he'll already have signed his new deal before that takes place. 

Last season, Bailey posted a 3.49 ERA in 209 innings.