The Houston Astros pitching ace finished in the runner-up position behind 2018 winner, Tampa Bay Rays hurler Blake Snell.
Verlander finished ahead of the other finalist, Cleveland's Corey Kluber.
In his first full season in Houston, Verlander posted stats ranked near the top of the AL. He was first in strikeouts, road wins and opposition on-base percentage, among other categories. He also posted a 2.52 ERA in 2018, which was third-best among AL pitchers.
Verlander also notched his 200th career victory and his 2,500th career strikeout this season, which also saw him be named to his seventh All-Star team.
Verlander won the 2011 AL Cy Young Award when he was a member of the Detroit Tigers. He also won the AL MVP in the same year.
Ahead of the official announcement Wednesday evening, the Astros superstar expressed slight anxiety, posting a picture of a nice glass of wine on his Instagram Stories.
Not all is lost. Verlander and wife Kate Upton are a weekend removed from the birth of their daughter, Genevieve.
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