5:10pm: Topkin reports (on Twitter) there is no option, so it's a straight five-year contract.
4:49pm: It's a five-year, $75.25MM contract, Rosenthal reports (on Twitter).
4:22pm: It's a five-year deal, worth $70-75MM, according to Bob Nightengale of USA Today (on Twitter).
The 28-year-old ranked fifth on MLBTR’s list of the offseason’s top 50 free agents. In 633 plate appearances for the Rays this past season, Upton hit 28 home runs and posted a .246/.298/.454 batting line. The right-handed hitter would add balance to the Braves' lefty-heavy lineup. The Phillies were the runners up in the bidding for Upton, Nightengale reports (on Twitter).
Upton declined a qualifying offer from the Rays, which means the Rays are now eligible to obtain a top pick in the 2013 draft. The Braves will surrender their first round draft pick to sign Upton, though that selection won't go directly to Tampa Bay.
ESPN.com's Jerry Crasnick first reported the sides were in serious talks and Mark Bowman of MLB.com first reported they were nearing a deal. Mike Axisa contributed to this post.