The two sides have agreed to the framework of the deal and Carpenter has already passed a required physical, according to the report. The extension is expected to be formally announced later this week.
Carpenter is currently pitching under a $63.5 million deal he signed after the Cardinals won the 2006 World Series. He was due a $1 million buyout if the team declined his $15 million option for 2012. That option will now be rolled into the contract extension, the St. Louis Post-Dispatch reported Monday, citing sources familiar with the situation.
The new contract does not include future options or performance incentives, the source said, according to the Post-Dispatch.
This season, Carpenter is 9-9 with a 3.75 ERA, bouncing back from a 1-7 start.
Carpenter deferred comment to the team, while Cardinals general manager John Mozeliak declined to comment Sunday night, the newspaper reported.
With Albert Pujols' pending free agency looming, Mozeliak is working to solidify the team's roster. He said earlier this month that he wants to keep
shortstop Rafael Furcal, whom the team acquired from the Los Angeles Dodgers at the trade deadline, and has had discussions with outfielder Lance Berkman, who is due to become a free agent, according to the Post-Dispatch.