It’s official. Miguel Cabrera is the highest-paid player in Major League Baseball…

The 30-year-old Venezuelan baseball star, a two-time American League MVP, has agreed to terms with the Detroit Tigers on a new 10-year contract that will pay him a whopping $292 million.

The new contract, which covers the two years remaining on Cabrera’s current deal and eight additional years, is expected to become official later this week, the source said.

According to CBSSports.com, which earlier reported Detroit and Cabrera were closing in on an agreement, the new deal also includes two additional vesting options worth $30 million apiece for years 11 and 12 that could bring the total of the deal to $352 million.

Multiple media outlets have reported that Cabrera needs to pass a physical exam before his new deal is complete.

If the new contract is calculated as a single, 10-year entity, it will surpass the 10-year, $275 million deal that Alex Rodriguez signed with the New York Yankees in December 2007, as the largest in MLB history.

Based on a career average of 607 at-bats per season and an average of $30 million annually, Cabrera would earn $49,423 per at-bat.

Cabrera, who turns 31 in April, is an eight-time All-Star in 11 seasons with the Florida Marlins and Tigers. He’s a .321 career hitter with 365 home runs.

He’s the only major league player with 100 or more RBIs in each of the past 10 seasons, and last year he became the first Tiger to win three consecutive batting titles since Ty Cobb achieved the feat from 1917 to 1919.

Cabrera led the majors with a .348 batting average last year and his 44 homers and 137 RBIs were both second to Baltimore’s Chris Davis.

The Venezuelan slugger won the Triple Crown in 2012 — becoming the game’s first player to lead either league in batting average, homers and RBIs since 1967.