The Detroit Tigers locked up their ace Justin Verlander to a seven-year, $180 million extension with an option for an eighth year that would push the value of the contract to $202 million, according to ESPN.

The deal is the richest in baseball history for a pitcher and tops the seven-year, $175 million deal signed by Felix Hernandez of the Seattle Mariners this offseason. Verlander's new deal makes him the second-highest player on the Tigers, behind first baseman Prince Fielder who inked a nine-year, $214 million pact in January of 2012.

Verlander, who won both the 2011 Cy Young and MVP awards, will also now be paid more than teammate Miguel Cabrera.

Cabrera won the 2012 MVP award and was baseball's first Triple Crown winner since Carl Yastrzemski in 1967.

Upon signing the contract Verlander tweeted, "I love this city & the fans -- couldn't be more excited to spend my career here! We're going to bring a World Series to Detroit!!!"

Tigers general manager Dave Dombrowski was quoted by the sports network saying, "Justin is one of the premier pitchers in baseball and we are thrilled to keep him in a Tigers uniform for many years to come. Justin has been a Tiger for his entire career and he is on pace to be one of the greatest pitchers in this illustrious franchise's history."

Verlander's numbers in 2012 were off his scorching 2011 pace but not by much. He led all pitchers in Wins Above Replacement (7.7), innings pitched (238.1), strikeouts (239) and complete games (six). He also ranked second among pitchers in ERA (2.56) trailing only David Price of the Tampa Bay Rays, who took home the 2012 Cy Young.

Many believe Price, a 27-year-old left-hander, could be the next starting pitcher to command a $200 million price tag.