Holliday announced on Tuesday that he is coming back to the Cardinals on a seven-year deal with an option for 2017, agreeing to the richest contract in club history. He announced his decision on ESPN Radio.

Negotiations between the team and agent Scott Boras were lengthy, and at times difficult, but both sides got what they wanted. The Cardinals secured the services of a player they paid dearly to acquire, and Holliday got a long and lucrative contract.

"Sometimes when you take a big-picture look at things, it's overwhelming," Holliday told Doug Gottlieb on ESPN Radio. "Obviously my wife [Leslee] and I feel like we're very blessed. It is a tremendous amount of money. When you're a little kid growing up who hopes to be a professional baseball player and hopes to play in the Major Leagues, I don't think you ever think about the money. Now that you look at it and it's that kind of money, it's a little overwhelming."

Finalization of the deal is pending a physical exam. The Cardinals confirmed in a statement that an agreement is in place, however. The club said that a formal announcement regarding Holliday will come within the next 48 hours.

Boras confirmed that the guaranteed value of the seven-year contract is worth an even $17 million per year, including a full no-trade clause. The latter provision tends to be a major point of emphasis for Boras.

Matt Holliday's new deal, worth a guaranteed $120 million over seven years, ranks as the biggest contract of the offseason so far, with its $17.1 million annual average. John Lackey signed a five-year deal with Boston worth $82.5 million, or $16.5 million annually. Jason Bay signed a four-year deal with the New York Mets worth $66 million, or $16.5 million annually. Chone Figgins signed a four-year deal with the Los Angeles Angels of Anaheim worth $36 million, or $9 million annually. Randy Wolf signed a three-year deal with Milwaukee worth $29.75 million, or $9.9 milliion annually.

The contract includes a $17 million vesting option for 2017, which will kick in if Holliday finishes in the top 10 in National League Most Valuable Player voting in 2016.

The Associated Press reports the buyout on the vesting option is worth $1 million, making the total guaranteed value of the pact $120 million. If the option vests, Holliday will receive $136 million over the life of the pact. However, The AP also reports the contract includes some deferred money, which would lower the present-day value of the contract to $16 million per year.

The deal gives Holliday the longest guarantee of any current Cardinal and the largest contract in club history, surpassing Albert Pujols' seven-year, $100 million contract.

Boras said that Holliday's choices with other clubs included shorter contracts with a higher average annual value.

"There were options," Boras said. "Matt gave me direction to pursue some options in advance of others. But certainly it was a process for him where he really had an opportunity to choose a direction that was most given to his and Leslee's needs."