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SAN FRANCISCO -- At 26 years old, Buster Posey already is a two-time World Series champion and the National League's Most Valuable Player. Now he could be a Giant for life.

Posey and the Giants agreed to a nine-year, $167 million contract on Friday, one that covers his remaining arbitration years and buys out his first five years of free agency. The deal includes a $22 million club option for 2022 and a full no-trade clause, and could be worth up to $186 million.

If the Giants exercise the 2022 option, Posey would be 35 years old when the deal ends.

"I couldn't be more thrilled, just to know I'll be here for the next nine years," Posey said during a Junior Giants fundraiser in San Francisco. "It's a surreal feeling. It really is."

San Francisco Giants’ Buster Posey removes his cap during batting practice before an exhibition spring training baseball game against the Oakland
San Francisco Giants' Buster Posey removes his cap during batting practice before an exhibition spring training baseball game against the Oakland Athletics, Thursday, March 28, 2013, in San Francisco. (AP Photo/Ben Margot)

The contract is the longest ever for a catcher and the largest in Giants history. It also represents a record guarantee for a player with fewer than four years of service time. Posey received a lengthy standing ovation when the deal was announced at Friday's Play Ball Lunch.

"Buster is well on his way to becoming one of this generation's greatest players," team CEO Larry Baer said at the event. "We are all fortunate to be watching this special time in history."

Posey will receive a $7 million signing bonus and the following yearly salaries: $3 million in 2013, $10.5 million in 2014, $16.5 million in 2015, $20 million in 2016 and $21.4 million per year in 2017 through 2021. The deal also includes awards bonuses and a promise from Posey, who accepted the MVP award last November from a school fundraiser, to contribute $50,000 per year to Giants charities.

The deal replaces a one-year, $8 million deal that Posey signed in the offseason to avoid arbitration. The Giants didn't face a deadline with Posey, who wasn't eligible for free agency until after the 2016 season, but management made Posey a priority soon after re-signing second baseman Marco Scutaro, center fielder Angel Pagan and left-hander Jeremy Affeldt in the offseason.

The Giants spent much of the spring negotiating quietly with Posey's agent, Jeff Berry of CAA Sports.

"We're extremely pleased to reach an agreement that keeps Buster in a Giants uniform for a long time," Berry said in a statement. "Buster and the Giants have brought each other mutual success, and this contract reflects Buster's extraordinary accomplishments in just three years in the Major Leagues."

Posey, a Georgia native, was the Giants' first-round pick in the 2008 draft and already has developed into the face of the franchise and one of the most recognizable and respected players in all of baseball. Both of his healthy seasons in the big leagues (2010, 2012) have ended with a ticker-tape parade down Market Street.

Posey is the reigning league MVP after a year in which he shook off months of ankle surgery rehab to hit a league-leading .336, with 24 homers and 103 RBIs. He is one of three catchers in history to win the Rookie of Year award, the MVP award and a World Series in his career.

This is the second consecutive year that the Giants have locked up a franchise cornerstone on the eve of the season opener. Last April 2, the Giants announced a six-year, $127.5 million extension with ace Matt Cain. Two weeks later, Madison Bumgarner signed a five-year, $35 million extension.

"We're all super excited for Buster. He's definitely more than earned what just happened to him. Doing that shows how much faith they have in him and what he's done in his career. For a starting staff it's really nice to see that he's going to be here ... forever."

If the Giants exercise all their team options, Cain, Bumgarner and Posey will anchor the franchise through at least the 2018 season.

Bay Area News Group staff writer Daniel Brown contributed to this report.