Diamondbacks, Martin Prado agree on four-year, $40 million contract extension

The Arizona Diamondbacks reached an agreement on a four-year, $40 million contract extension with Martin Prado, according to Ken Rosenthal of FOX Sports.

Source: Prado four-year contract with #Diamondbacks is for $40 million.

— Ken Rosenthal (@Ken_Rosenthal) January 31, 2013

The Diamondbacks recently acquired Prado from the Atlanta Braves along with several minor leaguers in exchange for Justin Upton and Chris Johnson. At the time the deal was announced, Arizona said it expected to reach an agreement on a contract extension with Prado in the near future. According to reports, the trade hinged on the prospects of signing Prado long-term.

More: D'backs sign Prado to four-year deal

Prior to the agreement, Prado was set to enter the final year of his contract. He now projects as the Diamondbacks starting third baseman for the next several seasons.

After parting ways with Prado, the Braves said they felt he would exit via free agency following the 2013 season in search of a long-term contract with an average annual salary in excess of $10 million.

Last season for the Braves, Prado hit .301/.359/.438 with 42 doubles, six triples and 10 home runs while manning all four infield positions as well as left field. The 29-year-old has hit .295/.345/.435 over parts of seven seasons at the major league level.