The Colorado Rockies have agreed to terms on a 2019 salary with third baseman Nolan Arenado, the club announced on Thursday. Arenado will receive $26 million, a MLB record for an arbitration salary, Ken Rosenthal of The Athletic reports.

After Arenado reportedly requested $30 million and the Rockies offered up $24 million, the two sides managed to settle on $26 million as a compromise. Arenado's deal eclipses fellow third baseman Josh Donaldson's $23 million last year, the previous record for the highest arbitration salary.

Arenado's deal came after a several hours-long face-to-face meeting between Arenado, his agent Joel Wolfe, Rockies general manager Jeff Bridich and owner/CEO Dick Montfort, Rosenthal adds. The avoidance of a hearing can be taken as a positive sign as the Rockies hope to lock Arenado down to a long-term deal. Last year, the Rockies came to terms with Charlie Blackmon to avoid arbitration before working out his six-year, $108 million extension in April. Arenado is in the final year of his arbitration eligibility, meaning he's set to hit the open market after the 2019 campaign.

Arenado, 27, hit .297 with a National League-high 38 home runs and 110 RBI, which tied for second in the league, to help the Rockies reach the playoffs for the second straight season. They beat the Chicago Cubs in the National League Wild Card Game before being swept by the Milwaukee Brewers in the Division Series.