The Philadelphia Phillies are planning to offer left-hander Cole Hamels a contract extension of at least $120 million in an effort to lock him up long-term, reports Jon Heyman of CBSSports.com:

The Phillies are said to be planning to offer at least $120 million to star lefthander Cole Hamels in an effort to keep him in Philadelphia and prevent him from becoming a free agent, according to sources.

It was reported last week that the Phillies were preparing a "substantial" offer for Hamels, who is set to hit free agency following the season if a long-term deal isn’t reached.

If the $120 million is over five years, it would equal the contract Cliff Lee signed with the Phillies. However, some believe Philadelphia may have to "go to something closer to Johan Santana’s $137.5 million, six-year deal, or even more, to have a realistic chance at a quick deal," according to Heyman.

Heyman also spoke to several agents who suggested Hamels could get "upwards of $150 million, or more," if he hits the open market this winter.

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What will Hamels' next contract look like?

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