The Milwaukee Brewers have signed Yovani Gallardo, who turned 24 years old in February, to a five-year contract extension, per Adam McCalvy of MLB.com.
This deal, which guarantees Gallardo $30.1 million, will keep their young ace in town through the 2014 season. There is a club option for a sixth year (2015).
Gallardo would have been eligible for arbitration after this season and eligible for free agency after the 2013 season.
"We are thrilled to sign one of our top young players to a long-term deal," said Melvin in a news release. "We view Yovani as a top of the rotation performer who has a chance to become one of the elite pitchers in the game. He is the cornerstone of our starting rotation and the ideal pitcher to build our staff around for future seasons."
Last year, Gallardo became the fourth Brewer pitcher to have struck out 200 batters in one season. He finished the year with a record of 13-12, 3.73 ERA and 204 strike outs in 185 2/3 innings.
After signing Gallardo and outfielder Ryan Braun to long-term extensions, the Brewers will continue to work on signing first baseman Prince Fielder to a long-term deal next, despite placing blame on a team like the Yankees for the economic imbalance in baseball.