PHOENIX, March 15 (UPI) -- Third baseman Mark Reynolds and the Arizona Diamondbacks have agreed on a three-year contract extension, sources said.

The Arizona Republic reported Monday the deal will pay Reynolds $14.5 million and will include an $11 million team option for 2013.

If the D-Backs pick up the option, the contract would cover all three of Reynolds' arbitration-eligible seasons.

The newspaper said Reynolds is set to receive a $1 million signing bonus and to earn $500,000 this season, $5 million in 2011 and $7.5 million in 2012.

The corner infielder broke his own major league record last season by striking out 204 times, but he also connected for 44 home runs and collected 102 RBI. In 418 career games Reynolds has socked 89 home runs but has also whiffed 559 times.