CBSSports.com's Jon Heyman has confirmed and pegs the deal at $25.5 million. The deal will begin this season, which would mean it would run through 2019, and it will include team options for the 2020 and 2021 seasons.
Archer, age 25, owns a 3.47 ERA (110 ERA+), 2.69 K/BB ratio and a 46.3 percent groundball rate in 29 career outings, 27 of which have been starts. Last season, he finished third in the AL Rookie of the Year balloting.
Archer was originally drafted by the Indians as a fifth-rounder in 2006. The Cubs acquired him from the Indians in late 2008, and then Rays acquired him from the Cubs as part of the Matt Garza deal in January of 2011.
In essence, this deal buys out all of Archer's arbitration years and his first free agent year, and that's before taking into account the two club options.