Boston, MA -- (Sports Network) - The Boston Red Sox have agreed to terms with AL MVP Dustin Pedroia on a six-year contract with a club option for 2015.

Financial terms were not disclosed, but numerous media outlets in Boston say the deal is worth $40.5 million. The new pact covers Pedroia's remaining arbitration years and buys out two years of free agency -- three if the option is exercised.

According to the Boston Globe, Pedroia will receive a $1.5 million signing bonus and a $1.5 million salary for 2009. He'll earn $3.5 million in 2010, $5.5 million in 2011, $8 million in 2012, $10 million in 2013 and $10 million in 2014, with a club option for $11 million in 2015 and a buyout of that option worth $500,000.

The paper also said the option will increase to $13 million should Pedroia win another MVP over the next six years. A top-three finish in the MVP voting would also increase the option.

The gritty second baseman, who also won a Gold Glove this past season, batted .326 with 17 home runs, 83 RBI and 118 runs scored. He also ranked first in the AL in doubles with 54, fourth in total bases with 322 and was the only player who had at least 175 hits, 75 runs scored, 75 RBI, 15 home runs, and 20 stolen bases.

Pedroia, the 2007 AL Rookie of the Year, became the seventh player ever this past season to lead the AL in runs, hits and doubles in the same season, and the first since Cal Ripken Jr. in 1983. He was also the eighth AL player ever to earn MVP, Gold Glove and Silver Slugger awards in the same season.