The Tampa Bay Rays have agreed to a contract extension with right-handed pitcher Tyler Glasnow through 2023, the team announced on Friday.

Glasnow is making $5.1 million this year. He will get $5.35 million next season and $25 million in 2024, which is the first year he would have been eligible for free agency.

"It seems to be like such a good partnership," Glasnow said. "I'm glad I can just sit here and talk about it. This is such an awesome opportunity in a place I really want to be. I don't want to leave yet, I'm not ready to go. I'm exactly where I want to be."

The 6-foot-8 Glasnow would get $1 million for winning the Cy Young Award, $500,000 for winding up second and $250,000 for finishing third to fifth. There is also a $50,000 bonus for making the All-Star team and a $1 million assignment bonus if traded.

"It gives me a lot of confidence to know they put that faith in me and they're willing to give me a contract of this size," Glasnow said. "I want this to be like in a sense like a discount. I want to outperform it by a lot."

The Rays ace had Tommy John surgery on Aug. 4, 2021, and last appeared for the Rays on June 14, 2021, against the Chicago White Sox.

The 29-year-old threw 21 pitches to a pair of minor leaguers before Tuesday's game against the Los Angeles Angels, topping out at 97 mph.

"I think it's like easy to be very optimistic," Glasnow said Tuesday. "I felt really good, my velo was good, execution was good, but again, if I'm not comfortable and I don't feel like 100 percent and ready to go, then I'm not. I'm not going to push it."

The Rays currently sit atop the American League wild-card standings. With the end of the regular season just over a month away, Glasnow hasn't ruled out a return this season.

"It's going to be the hardest thing for me to come to the decision," Glasnow said. "I really do want to come back. I want to help the team, especially the position we're in, but I'm not going to jeopardize the rest of my career."

A healthy Glasnow joining 2022 AL All-Star Game starter Shane McClanahan would give the Rays a potent top of the rotation.

"Shane is pitching at a Cy Young level this season, and Glas was doing that the year before," Rays president of baseball operations Erik Neander said. "Then you look at the other guys and what they're doing, it's certainly exciting to think about."

Information from The Associated Press was used in this report.