Source: John Danks gets extension

The Chicago White Sox and starting pitcher John Danks have reached an agreement on a five-year contract extension, a major league source told ESPNChicago.com on Wednesday night.

Danks will make $65 million with $8 million in 2012 and $14.25 per season for the next four years, according to a major league source.

By agreeing to terms with Danks, the White Sox avoid an arbitration hearing that would've likely cost the team between $9 million and $10 million in 2012. This coming season was slated to be Danks' last of arbitration. He would have been a free agent following the 2012 season.

Danks will turn 27 a week after the White Sox open play in 2012. He has a 54-56 lifetime record and a 4.03 ERA.

Prior to the agreement, the White Sox had been shopping Danks on the trade market. After losing Mark Buehrle, a mainstay in the team's starting rotation, to the Miami Marlins in free agency, Danks was the only quality left-handed starter remaining in the organization.

The Texas native is coming off an underwhelming 2011 season. He went 8-12 with a 4.33 ERA. Danks' career strikeout-to-walk ratio is 3:1, considered an outstanding number.

The move comes as a bit of a surprise, as all indications from general manager Kenny Williams heading into the offseason were that the team would be cutting payroll.

When reached for comment, Danks' agent Jeff Barry wouldn't confirm or deny that a deal had been reached.

Danks went on the disabled list with a strained right oblique from June 26-July 20, 2011. It was his first career DL stint.

Danks was originally drafted by the Texas Rangers as a first-round selection in 2003. He was obtained by Chicago in a trade on Dec. 23, 2006, along with right-handed starters Nick Masset and Jacob Rasner for White Sox starter Brandon McCarthy and outfielder David Paisano. Danks' brother Jordan is an outfielder in the White Sox's organization.

Bruce Levine is a reporter for ESPNChicago.com. Information from ESPNChicago.com's Doug Padilla was used in this report.