The contract is the second largest in baseball history for a starting pitcher behind only the seven-year, $161 million deal CC Sabathia's signed with the Yankees in 2008.
The Phillies will hold a noon press conference at Citizens Bank Park. The Phillies face the Brewers Wednesday afternoon.
The deal ends the rampant Hamels trade rumors that have been swirling around the Phillies for several weeks, as Tuesday's trade deadline approached. Hamels was due to become a free agent after the season.
The 28-year-old Hamels is 11-4 this season with a 3.23 ERA and 131 strikeouts in 133 2/3 innings pitched.
In seven years, the former World Series MVP is 85-58 with a 3.38 ERA. His next start will be his 200th in a Phillies uniform.
Since 2007, when Hamels became a full-time member of the Phillies' rotation, he ranks seventh in baseball in wins (76) and eighth among starting pitchers who've made at least 150 starts with an ERA of 3.30.
Hamels, considered the Phillies' greatest homegrown pitcher since Robin Roberts in the 1950s and Chris Short in the 1960s, is 11th in franchise history with 85 wins and with 15 more will become the seventh pitcher in Phillies history with 100 wins.
Hamels doesn't turn 29 until December and is tied for second among active pitchers 28-years-old or younger with his 85 wins, behind only Felix Hernandez (93) and tied with Zack Greinke.
Hamels has also been a terrific postseason pitcher. He was 4-0 in the playoffs during the Phillies' 2008 World Series run, allowing just seven earned runs and 23 hits in 35 innings, a 1.80 ERA. He started Game 1 and Game 5 of the World Series, giving up just two runs in each game as the Phils won their first World Series since 1980.
In his career, Hamels is 7-4 in the postseason with a 3.09 ERA. His seven career playoff victories are 17th-most in baseball history. The Phillies are 9-4 in his 13 postseason starts.
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