This just in. Details as they come. From KFAN:
The FAN has learned the Twins and Johan Santana have agreed to a four-year deal. Terms of the contract are unknown at this time. The deal was confirmed by Santana's agent's office. Santana's representative is Peter Greenberg out of New York. Santana and the Twins were set for an arbitration hearing tomorrow.
Thanks to Sdave for the heads up!
EDIT: Here are some details from the Strib:
The truth is Santana is on the verge of signing the richest contract in team history: four years for about $40 million. And his $13.25 million salary in 2008 would be the highest single-season salary in team history. The deal could be finalized as soon as today.The deal is contingent on Santana passing a physical.
Santana, 25, will receive around $5.5 million this season, $9 million in 2006, $12 million in 2007 and then $13.25 million in 2008. Officials on both sides are reluctant to reveal exact details until Santana passes his physical.
"I'm happy that we've finally got something done," Santana said in Fort Myers, where he is having a home built. "We worked hard on it, and it works out for everybody. I'll be a Twin for four more years."