Giants agree to 4-year, $62m deal with closer Mark Melancon

The San Francisco Giants on Monday agreed to a four-year contract with free-agent closer Mark Melancon.

The Giants didn't disclose financial terms, but a source told ESPN's Buster Olney that the contract is worth $62 million.

The agreement is pending a physical.

Melancon's deal breaks the record for most lucrative contract signed by a closer (Jonathan Papelbon at four-years, $50 million with thePhiladelphia Phillies in 2011). But that record isn't expected to last long. Fellow closers Aroldis Chapman andKenley Jansen are set to sign new contracts this offseason.

With the bullpen largely to blame for their postseason demise -- and for the team's collapse during the second half of the season -- the Giants have prioritized the acquisition of an established closer for the 2017 season.