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Slugger Chris Davis has agreed to a seven-year, $161 million deal with the Orioles. Davis led the majors in home runs in two of the past three years, and will remain with the team where he posted his best career numbers. (Kevin Richardson)

The Orioles finalized their seven-year, $161 million deal with first baseman Chris Davis on Thursday afternoon and will hold a news conference to formally announce the signing at Camden Yards at 7 p.m.

The team's deal with Davis, which will be the largest in franchise history, became official a week after the sides formally agreed on a deal Friday morning. The contract was pending a physical.

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Davis will be paid an average annual value of $23 million per year, but the deal includes $42 million of deferred money, which will be paid out over 15 years after the contract ends -- from 2023 to 2037.

The deal is by far the largest the Orioles have given a player, shattering Adam Jones' six-year, $85.5 million extension signed in 2012 and Miguel Tejada's six-year, $72 million free-agent deal in 2003.

The Orioles have been hoping to finalize their deal with Davis -- and introduce him to the media -- before this weekend's anticipated snowstorm in Baltimore.

With Davis in the fold, the Orioles have committed $214.8 million to free agents this offseason, also retaining reliever Darren O'Day on a four-year, $31 million deal and catcher Matt Wieters on a one-year, $15.8 million qualifying offer. The Orioles also signed South Korean outfielder Hyun-soo Kim to a two-year, $7 million deal.

That number doesn't include the added salary taken on in the trade for infielder/outfielder Mark Trumbo, who will make $9.15 million in his final season before free agency, and doesn't factor in about $15.5 million in raises to existing arbitration-eligible players.

Stay tuned to baltimoresun.com for more on Davis from tonight's news conference.

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