Update: The Pirates and Pedro Alvarez have agreed to¬†the¬†4-year contract and Alvarez will report to Bradenton to start his pro career.¬†
The Pittsburgh Post-Gazette is reporting that according to multiple sources the Pirates and Pedro Alvarez have agreed upon a new four-year major league contract worth $6,355,000. The bonus will be $6 million spread over four years as opposed to the original deal that was to have the bonus be spread over two years. When Alvarez is on the major league roster, he will make $400,000, $500,000, $550,000 and $700,000 per year. His minor league salary will be considerably less at $87,500 per year.
Terms of a major league contract maintain that Alvarez will have to be placed on the 40-man roster once he passes a physical and signs the contract.