Markakis Finalizes Extension With Orioles

2:33pm: The Orioles and Markakis have finalized a six-year, $66MM extension.  Markakis will take his physical this week.

MONDAY, 7:53am: Peter Schmuck believes the Markakis extension is "essentially done" and awaiting a routine physical.  Yesterday Andy MacPhail said, "We’re close, but we’re not quite there yet."

SATURDAY: Dan Connolly of the Baltimore Sun is reporting that right fielder Nick Markakis and the Baltimore Orioles have made "real progress" in their contract-extension negotiations in recent days, according to club president Andy MacPhail.

One source told Connolly that the two sides are close to agreeing to a six-year deal worth between $64MM and $66MM in guaranteed money.

Markakis, 25, hit .306 with 20 home runs and 87 RBI in 2008.