ESPN's Jeff Passan first reported on the deal Friday, citing sources.
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Alvarez's new contract begins in 2023 and buys out three of his free-agent years, sources told Passan.
The deal represents the biggest contract ever for a player whose primary position is designated hitter and guarantees him $26 million a year for the free-agent seasons, according to sources. The deal is the fifth largest for a player who has yet to reach arbitration, behind Fernando Tatis Jr.'s 14-year, $340 million contract, Wander Franco's 11-year, $182 million extension, Buster Posey's eight-year, $159 million deal and Mike Trout's six-year, $144.5 million agreement.
The designated hitter/left fielder from Cuba, who turns 25 on June 27, is earning $764,600 this current season, which was actually a raise from $609,000.
In the midst of his fourth year of MLB service, Alvarez is hitting .287 for his career, including 293 hits, 75 home runs, and 217 runs batted in. He has also collected the American League Rookie of the Year in 2019 and is the reigning AL Championship Series MVP.
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Alvarez's 14 homers puts him in a tie for third-most in the Majors and second-most in the AL. One of those homers includes a career-long 469-foot rocket launched in Oakland this past Monday.
The Astros, who are at the top of the AL West standings, begin a three-game series in Kansas City Friday night.
ESPN contributed to this report.