Cespedes will receive a full no-trade clause, sources told ESPN's Adam Rubin. It's the top average annual value ever for an outfielder and ties the top AAV ever for free-agent position player.
The story was first reported by FOX Sports.
Cespedes, 31, hit .280 and led the Mets with 31 home runs and 86 RBIs last season. He had received a three-year, $75 million deal from the Mets last offseason. That agreement gave him the right to opt out after collecting $27.5 million in 2016.
Since his debut with the Mets on Aug. 1, 2015, they went 106-74 with Cespedes in the starting lineup and 18-23 when he was not.
Cespedes was selected as an All-Star for the second time in his career in 2016, although he was unable to participate because of a right quadriceps injury that lingered during the season's second half. He nonetheless reached the 30-homer plateau for the second time in his career, falling narrowly shy of the combined 35 long balls he hit with the Tigers and Mets in 2015.
ESPN Mets reporter Adam Rubin contributed to this report.