PEORIA, Ariz. -- The Padres have built a World Series contender around Manny Machado. Now, the superstar third baseman is set to stay put in San Diego for a long, long time.

Machado and the Padres on Tuesday finalized an 11-year extension -- worth $350 million, according to a source -- that begins this year, meaning Machado will be under contract through the 2033 season, when he will turn 41 years old. The deal also includes a full no-trade clause and no opt-outs, per a source.

• Machado's career timeline

Machado had six years and $180 million remaining on the contract he signed with the Padres prior to the 2019 season. But he also had an opt-out clause in that deal, which he could’ve exercised following the ’23 season. This past offseason, he informed the Padres of his plan to opt out unless the two sides could agree on an extension.

That agreement has now come to fruition.

Machado, represented by agent Dan Lozano and MVP Sports Group, becomes the owner of the third-largest contract extension in MLB history, behind only the Dodgers’ Mookie Betts and the Angels’ Mike Trout. All along, both sides were hopeful a deal would get done before the start of the season -- perhaps the most highly anticipated season in franchise history.

As he walked off the field following his morning workout on Sunday, Machado noted that he couldn’t comment on any specifics of the agreement, saying only, “It’s a good day, but in a few more days I’ll be better.”

Then Machado was asked about staying in San Diego long term and what it would mean.

“They believed in me since Day One, and here we are,” Machado said. “We’re going to, hopefully, make this our home. … We’re excited to be here for the rest of our careers and have this hat go into the Hall of Fame.”

Machado, who promptly pointed to the interlocking "SD," has been the centerpiece of the Padres' turnaround from also-ran to perennial World Series contender. When he signed in San Diego for 10 years and $300 million in 2019, it was briefly the largest contract in North American professional sports history. The deal turned plenty of heads, with the Padres at that time amid a playoff drought that spanned more than a dozen years.

Since then, the Padres have overhauled their ethos. If Machado was the first superstar, they now have a roster full of them. Machado is entrenched in a lineup with Juan Soto, Fernando Tatis Jr. and Xander Bogaerts. In the past 12 months, the Padres have also extended deals with starting pitchers Joe Musgrove and Yu Darvish. They brought Soto and closer Josh Hader on board via trade.

It's an array of talent the likes of which San Diego hadn't previously seen from its baseball team. At the center of it is Machado, the unquestioned leader and de facto captain. Decent player, too.

“Manny’s done well for himself,” quipped fellow infielder Jake Cronenworth. “There’s a reason he has -- he’s really good at baseball. … I don’t think there’s a more deserving guy.”

Since the Padres signed 42-year-old Nelson Cruz last month, Machado has expressed multiple times that he hopes to emulate Cruz’s longevity. The two are close friends and will be teammates with Team Dominican Republic at the World Baseball Classic.

With no opt-outs and with full no-trade protection, Machado’s contract almost certainly ensures he will hunt for that longevity in San Diego. He’ll do so in parallel with Bogaerts, who also inked an 11-year deal at age 30 this offseason, and Tatis, whose contract runs through 2034. Soto, who can become a free agent after the ’24 season, appears to be the next major extension candidate.

But, as owner Peter Seidler noted recently, Machado was “top priority” ahead of the ’23 season and his looming opt-out.

Since his arrival in San Diego, Machado has a slash line of .280/.352/.504, 108 home runs and a pair of top-three MVP finishes. He raked in the 2022 postseason, too, helping carry the Padres to their first NLCS in 24 years.

“[His leadership] has been terrific,” manager Bob Melvin said. “There’s certain guys in the clubhouse that you need to be able to go to that command respect from everybody else. That’s he and Joe [Musgrove] here.”

Machado has accomplished plenty in his 11-year big league career. He’s the owner of 283 homers and 1,597 career hits -- more than halfway to two of baseball’s most storied milestones. He’s a six-time All-Star and an accomplished defender. He hasn’t spent a day on the injured list since 2014.

One thing Machado has yet to achieve? He has not won a World Series, despite reaching the Championship Series round in all three of his stops -- Baltimore, Los Angeles and San Diego. He has spoken often about his desire to help bring the Padres their first title.

Earlier this month, Machado was asked about the possibility that he’d remain in San Diego long term, and he turned his attention elsewhere:

“Ultimately,” Machado said, “I think, my focus is on bringing a championship to this team and to this city that’s been waiting for it for a long time.”

He has now ensured he’ll be on board for the long haul in his quest to do so.