The Orioles have sealed a contract extension with one of their homegrown stars for the first time under general manager Mike Elias.

Top prospect Samuel Basallo and the Orioles are finalizing an eight-year contact extension worth $67 million, a source with direct knowledge said. The source added there’s an option for 2034. And there are escalators included in the deal for awards and playing time at catcher that could increase the value to $88.5 million.

It is an MLB-record contract for a pre-arbitration catcher.

Baltimore confirmed the eight-year extension Friday afternoon, although Basallo isn’t in the lineup ahead of the game against the Houston Astros. The Orioles scheduled a press conference with Elias and Basallo for 2 p.m. Saturday.

The contract includes a $5 million signing bonus, the source said. Basallo will make $1 million in 2026, 2027 and 2028, as opposed to league minimum. His salary increases arrive in 2029, when Basallo would have reached arbitration.

In 2029, Basallo’s yearly salary will hit $4 million. That rises to $7 million in 2030, $11 million in 2031 and $15 million in 2032 and 2033. The 2034 club option is worth $18 million; otherwise, the Orioles can buy out the option for $7 million, per source.

The deal locks up the 6-foot-4 catcher and first baseman, who matriculated from the Orioles’ Dominican Academy and rocketed through the minor leagues on his way to Baltimore.

In 76 games in Triple-A Norfolk, Basallo hit 23 home runs with a .966 OPS. He’s 4-for-14 in four games with Baltimore, and with Adley Rutschman on the injured list, he’s expected to get a run as the team’s everyday catcher until Rutschman returns.

It’s a dramatic shift in strategy for a franchise that has not signed one of its key players since Adam Jones in 2012.

“You think back to when Mike came in, there was kind of a lack of a Latin American program,” interim manager Tony Mansolino said. “There is a lot of significance that the first extension is a guy who came through the brand-new Latin American program, so excited for Mike, excited for [international scouting director] Koby Perez.”

This sort of pre-arbritation deal has been done around the majors before but never at this price point for a catcher. The San Diego Padres signed outfielder Jackson Merrill to a nine-year, $135 million extension, the Arizona Diamondbacks locked up outfielder Corbin Carroll with an eight-year, $111 million deal, and, recently, the Boston Red Sox signed outfielder Roman Anthony to an eight-year, $130 million contract extension.

In a statement, Orioles owner David Rubenstein said signing Basallo to an extension is a “catalyst for the next exciting period of Orioles baseball. I thank Mike Elias, Koby Perez, and the entire baseball operations group for their effort and diligence in securing Samuel as a key piece of the future.”

Added Elias, in a statement: Basallo’s “debut and this extension are big achievements for our organization, beginning with the work of our international scouting staff and carried forward successfully by our entire player development operation.”

Basallo, 21, made his MLB debut on Sunday. He has already made an impact. In Boston, as a pinch-hitter in the 11th inning Tuesday, Basallo drove in the go-ahead and eventual game-winning run with a swinging bunt.

“I just tried to put the ball in play,” Basallo said at the time through team interpreter Brandon Quinones. “In that situation, you can’t try to do too much and be the hero, so to speak. Can’t really focus on trying to hit the ball out of the ballpark. My goal was to put the ball in play and try to make something happen in that moment.”

In that way, Basallo hasn’t allowed the moment to become too big.

“He’s been up here for two days, but the moment hasn’t sped up on him,” left-hander Trevor Rogers said Monday night. “I think that’s really impressive. He’s 21 years old, and he’s doing this. You know, it’s still early, but he’s doing this as a 21-year-old. It’s super impressive. I’m really glad that he’s up here and he’s really going to help us this last month and a half and going into next year. So, tip my cap to that guy. He’s going to be good for a long time.”

For years, Elias has maintained that there isn’t a benefit to openly discussing contract extensions with Baltimore’s stable of young players. But in April he said large contract extensions were “going to happen over time” and that part of his job is to balance the near-term and long-term needs of the organization.

In the long term, Basallo may stick as a first baseman. But even that possibility doesn’t diminish what is a favorable deal.

Basallo would make the league minimum salary for three years before becoming arbitration eligibile. Through arbitration, he could make year-by-year increases. With this contract, Basallo is guaranteed $67 million over eight years.

The deal buys out two years of Basallo’s free agency eligibility. The 2034 club option could keep him in Baltimore for a third year before he hits the open market.

“Sammy wants to be here in Baltimore,” Mansolino said. “There’s hopefully in the future other guys who would like to be here as well. It’s a big deal for the organization. Hopefully it’s a big stepping stone for us.”

Banner reporter Justin Fenton contributed to this article.

This article has been updated.