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The Astros had the 27-year-old second baseman signed through the end of this season, with a club option for 2019.
Altuve is due to be paid $6 million this season and $6.5 million next season, but will now also receive an $11 million signing bonus for 2018 and a $10 million signing bonus in 2019. Altuve will average $30.2 million a year from 2020-2024.
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The Venezuelan-born Altuve has spent his entire career with the Astros, debuting in 2011 at 21 years old. Last season, Altuve batted an AL-best .346, with 204 hits and 24 home runs.
Over his career, Altuve has been named to an All-Star team five times and garnered four Silver Slugger and a Gold Glove.
READ MORE: Quick facts on Astros slugger Jose Altuve
News of Altuve's pending payday has drawn humorous reaction on social media: