Cole, the most coveted free agent in baseball this offseason, spent the last two seasons with the Houston Astros.
In a contract year, he pitched his way to a stellar 2019, in which he went 20-5 and pitched 326 strikeouts.
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Despite finishing second to former teammate Justin Verlander in this past season's AL Cy Young Award race, Cole's season was a loud enough statement to command a record-setting contract heading into 2020.
ESPN also reported other teams were in a bidding war to sign the 29-year-old Cole, including the Los Angeles Angels and Los Angeles Dodgers.
ESPN contributed to this report.
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