All-Star second baseman Robinson Cano and the Seattle Mariners finalised their $240 million, 10-year contract that was agreed upon late last week.
The deal, which is tied for the fourth largest contract in Major League Baseball history, was completed on Thursday after Cano passed his physical.
Cano had spent his entire career with the New York Yankees and became their most feared hitter. The five-time All-Star played in 160 games last season and hit .314 with 27 homers and 107 RBIs. Cano posted an .899 on-base plus slugging percentage and finished fifth in American League MVP voting.
The Yankees offered the 31-year-old Cano a $175 million, seven-year deal. New York went 85-77 last season and missed the playoffs for only the second time in 19 years; Seattle went 71-91 and hasn't been in the playoffs since 2001.
Only the two deals signed by Alex Rodriguez - first with Texas and then the Yankees - and Joey Votto's contract with Cincinnati were worth more. Albert Pujols also signed a $240 million deal with the Los Angeles Angels.
Cano will make $24 million per season from 2014-23 and the contract includes bonuses for awards. It's the fifth deal to top $200 million in MLB history.
Cano was scheduled to be introduced at a news conference later Thursday.
"We have stayed true to our plan of building our organisation from the ground up through the amateur draft and player development, and now have had the opportunity to add an All-Star player through free agency," Seattle general manager Jack Zduriencik said in a statement.
Cano's been one of the most durable players for the past seven MLB seasons, missing only 14 out of 1,120 games since the start of the 2007 season.
He's a career .309 hitter who has averaged 24 homers and 97 RBIs per season. Cano has hit at least 25 homers and had a slugging percentage above .500 in every season since 2009.