Mike Lowell and the Boston Red Sox agreed to a three-year, $37.5 million deal Monday, ESPN The Magazine's Buster Olney reports.
Both sides have been in intense negotiations all Monday. According to ESPN's Peter Gammons, both the Phillies and Dodgers were apparently willing to go to four years, but Lowell wants to remain in Boston.
"How cool is that?" Red Sox pitcher Curt Schilling posted on his blog. "Leaving years and dollars on the table to come back here for three more years, good stuff. Pretty nice to think you are fans in a town that is now a desired destination for athletes across the major sports. Come a long way for sure.
"Congrats to Mike and I've already spoken with a few guys on the team and suffice to say we're all" ecstatic, Schilling said.
Lowell followed a superlative regular season -- career highs in batting average (.324) and RBIs (120) to go with 21 home runs in 154 games -- with an outstanding October. In Boston's four-game sweep of Colorado, Lowell hit .400 (6-for-15) with four RBIs, three walks and a team-high six runs in winning the World Series.
He homered, doubled and scored twice in the Game 4 clincher at Denver's Coors Field en route to being named the World Series MVP.
Lowell, who made $9 million last year, was selected by the Yankees in the 20th round of the 1995 amateur draft. He played eight games for New York in the 1998 season before being dealt to the Florida Marlins in February 1999. He was acquired by Boston from Florida in November 2005 in the Josh Beckett trade.
Lowell's teammates and fans made clear that they wanted to see him back in Boston -- and urged them not to pursue Yankees third baseman Alex Rodriguez, who became a free agent before deciding to return to New York.
"Forget about A-Rod. We've got Mike Lowell in the house," Ramirez yelled out during the team's victory parade through Boston.
Lowell, 33, had initially pushed for a four-year deal with the Red Sox.