The Associated Press is reporting that Jake Peavy and the San Diego Padres have agreed to a $52 million, three-year extension that will run from 2010-12. The team also holds a $22 million option for 2013.

Including 2008-09, for which Peavy already is under contract, he could make $87.5 million during the next six seasons.

The extension is contingent on the 26-year-old Peavy passing a physical. Look for no-trade provisions to be added as well.