The long-term deal will keep the star outfielder from reaching free agency this winter and will tie him to the club through the 2032 season. League sources told ESPN and MLB Media that Betts' deal -- including the one-year, $27 million contract he's currently under -- will total 13 years and $392 million.
"It's obviously a special day," Betts told reporters Wednesday. "It's kind of what I've been working for my whole life. ... This is the day we've been dreaming about, and for it to come true is definitely a blessing. I'm super happy to be part of this organization for the rest of my career and this is an amazing opportunity that I'll never forget."
The Dodgers acquired Betts in a blockbuster trade with the Boston Red Sox in February. In his final season with the Red Sox, the 27-year-old outfielder recorded a .295 batting average with 29 home runs and 80 RBIs.
Betts is considered one of the top all-around players in baseball, displaying elite power and speed to go with his four Gold Gloves in right field. He finished his championship-winning 2018 campaign with an MVP award.
Since making his major league debut in 2014, Betts has a .301 career batting average with 139 home runs and 470 RBIs. He has notched 126 stolen bases and 965 total hits.