The New York Post originally reported the incentive-laden deal earlier Saturday.

Hamels will have one year of arbitration left after the deal is complete, and then he will become a free agent. As part of the "super two" class — the players with two-plus years of service who have the most major-league time — he earned four years of arbitration.

Hamels will receive $4.35 million in 2009, $6.65 million in 2010 and $9.5 million in 2011, according to the Post.

The Post also reported that the deal features several bonuses if Hamels does well in the Cy Young or MVP races and for other honors such as a Gold Glove or making the All-Star team.

Hamels established himself as a true ace in the playoffs, going 4-0 with an 1.80 ERA as the Phillies claimed their first championship since 1980. He won the first game in three playoff series and also captured the MVP award in the National League Championship Series against the Los Angeles Dodgers.

Hamels went 14-10 with a 3.09 ERA during the regular season and was eligible for arbitration for the first time.

Hamels, who had been injury prone early in his career, showed his durability by making 33 starts and pitching a career-high 227 1-3 innings. He finished with 196 strikeouts and 53 walks.

He made his major league debut in 2006 and led the team with 15 wins in his first full season in 2007.

-- The Associated Press contributed to this report.