Report: Phillies may offer Hamels $120 million

The Philadelphia Phillies appear ready to offer pitcher Cole Hamels a deal that would pay him at least $120 million, hoping to sign him and prevent him from becoming a free agent at the end of the season, CBSSports.com reported Monday, based on sources.

According to the report, an offer of $120 million over five years would be logical because that was the deal Cliff Lee signed with the Phillies.

However, other sources told CBSSports.com that the team may have to offer something closer to Johan Santana's $137.5-million, six-year deal - perhaps even more - to have a chance to sign Hamels in the near future.

The Phillies may be forced to offer more than Matt Cain's $112.5 million, five-year deal with the Giants. Hamels and Cain have had similar careers, but Hamels has a better lifetime winning percentage and is left-handed, which helps.

If the Phillies believe they will be unable to sign Hamels, they may try to trade him by the July 31 trading deadline.