The Brewers and outfielder Ryan Braun have agreed to a five-year contract extension that will keep the three-time All-Star in Milwaukee until 2020.

Braun, 27, is currently in the fourth year of an eight-year, $45 million deal singed in May 2008 – his first full season in the majors – which, at the time, was the largest in franchise history.

His new deal will pay him $105 million, not including a mutual option for the 2021 season worth $20 million (with a $4 million buy out).

"He was signed for five years," general manager Doug Melvin said Thursday during a press conference at Miller Park. "He didn't have to do this and we didn't have to do this. I think it shows the trust and the relationship between Mark (Attanasio), Ryan, (Braun's agent) Nez (Balelo) and the organization. It's exciting that Ryan will be going to work for the next what, 10, 12, 15 years, wherever we're at, and he'll be putting on a Milwaukee Brewers uniform."

Braun said the decision to pursue another long-term deal with the Brewers began as a casual conversation with Melvin and team owner Mark Attanasio.

"From there it just kind of moved forward and eventually it got to where we are today," Braun said. "I think obviously there had to be interest by both parties of getting something done. I wanted to stay here. I believed in the city, I believed in this organization and this team, this ownership group, they believed in me, and ultimately it led to this point today."

In four-plus seasons with the Brewers, Braun owns a .308 batting average with 133 home runs and 432 RBI. In 18 games this season, Braun is hitting .359 with five homers and 12 RBI. He's reached safely in all 18 games.

Braun now joins Colorado shortstop Troy Tulowitzki as the only players signed through 2020 and Minnesota's Joe Mauer and Boston's Adrian Gonzalez as the only players signed through 2018.

He will be 36 years old when the current deal expires.