Tony Gutierrez/Associated Press

The New York Yankees and general manager Brian Cashman agreed to a five-year contract extension that will pay him more than $25 million.

Jon Heyman of FanRag Sports reported the news. Bob Nightengale of USA Today first reported the news Friday. The deal will put Cashman’s compensation in the “upper echelon” of MLB executives.

Cashman, 50, has been the Yankees’ general manager since 1998. He is the current longest-tenured general manager in baseball.

Hal Steinbrenner said last month that Cashman would stay on as general manager. He has been working without a contract since his current deal expired Oct. 31.

“Cash and I are still working out terms, but I will say Cash has told me he wants to stay, and I have told him that I want him to stay,” Steinbrenner told reporters in November. “Maybe it’s a handshake deal with no terms at this point, but we’re working on it. Obviously he’s been busy.”

Cashman’s already made this offseason’s biggest splash, acquiring Miami Marlins slugger Giancarlo Stanton. The reigning home run king and NL MVP will join a lineup that already includes Aaron Judge, who finished second in the American League MVP voting. The pair combined to hit 111 home runs last season, and the Yankees already led MLB with 241 homers.

Cashman has also been responsible for undertaking a massive roster overhaul, during which the Yankees replenished their roster with youth and attempted to curtail their payroll. Steinbrenner has consistently said he would like the team to get below the luxury tax, though moves like the Stanton trade will make that more difficult.

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