According to a high-placed source familiar with the negotiations, the 24-year-old shortstop's six-year, $70 million deal will kick in next season.
Ramirez will make $5.5 million in 2009, and the deal bumps up considerably in the upcoming years.
By coming to terms now, the Marlins will lock up Ramirez through his arbitration years (2009-2011), and then three more years, where he could have qualified for free agency. For those three seasons, the shortstop will earn $23.5 million.
The Dominican Republic native will get $15 million in 2012, $15.5 million in 2013 and $16 million in 2014.
So in what could have been his first three seasons of free agency, Ramirez will collect $46.5 million.
The contract doesn't not include a no-trade clause or a signing bonus.
Ramirez, already one of the top talents in the game, is making $439,000 this season.
The deal is the richest in Marlins history. Ramirez becomes the first Florida player since the 2005 season to receive a multiyear contract.
Typically, the Marlins don't buy out arbitration years, but Ramirez is an exceptional talent, and the organization is making an exception.
With the security of a new stadium, which is expected to open in 2011 on the horizon, the Marlins clearly are showcasing Ramirez as their "franchise player."
Said Marlins manager Fredi Gonzalez of the deal: "It's not finalized yet, but I think it's great for the community and the organization. [Ramirez] has a lot of good years ahead of him, and I think it sends a message to the community."
Ramirez's numbers justify the long-term commitment.
In 2006, Ramirez was named the National League Rookie of the Year. He followed that up by batting .332 with 29 home runs and a franchise-record 125 runs scored in 2007.
The gifted shortstop continues to build incredible all-around numbers this season. The Marlins are off to their best start in history, and Ramirez is a major factor.
Making the announcement at the Orange Bowl is fitting, since the club expects to open the 2011 season in a new retractable-roof park at the site.