League sources tell ESPN the deal is worth $45 million.
Nola, 25, was scheduled for an arbitration hearing this week. The deal, which includes a $16 million club option with a $4.25 million buyout, can cover what would have been his first two years in free agency.
Nola is coming off a career-best season -- 17-6 with 224 strikeouts and a 2.37 ERA in 33 starts. He finished third in NL Cy Young voting behind winner Jacob deGrom of the Mets and Max Scherzer of the Nationals.
Nola will receive a $2 million signing bonus and make $4 million in 2019, $8 million in 2020, $11.75 million in 2021 and $15 million in 2022. He earned $573,000 last season. During arbitration exchange, the Phillies had offered Nola $4.4 million for this season and he was seeking $5.25 million.
A native of Baton Rouge, La., Nola was selected by the Phillies in the first round (7th overall) of the June 2014 draft out of Louisiana State University.
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ESPN contributed to this report.
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