Slugger Pete Alonso and the New York Mets are in agreement on a two-year, $54 million contract, sources told ESPN on Wednesday, ending a lengthy free agency with a return engagement to the only team for which he has played.

The deal, which is pending a physical, includes an opt-out after the first season, sources said. Alonso will make $30 million this year.

The 30-year-old Alonso, whose 226 home runs since his 2019 debut are second in Major League Baseball behind Aaron Judge's 232, heads back to Queens to join a lineup that added outfielder Juan Soto on a record-breaking 15-year, $765 million contract this winter.

Though New York considered pivoting away from Alonso after discussions on a deal with him reached an impasse, talks resumed amid a market that did not value him similarly to the long-term deal he sought at the outset of free agency. First basemen in their 30s who hit and field right-handed are seen by teams as risky -- even ones who have consistently produced like Alonso.

After hitting a rookie-record 53 home runs in 2019, Alonso's consistent run production helped buoy the Mets through lean years and made him a fan favorite and franchise cornerstone. Alonso rejected a seven-year, $158 million contract extension from the Mets in the summer of 2023, hoping to strike riches on the open market, even when saddled by draft-pick compensation after turning down a one-year, $21.05 million qualifying offer from the Mets.

A long-term deal never materialized, leaving Alonso with limited choices. Though the San Francisco Giants and Toronto Blue Jays were among the teams that expressed interested in Alonso, coming back to the Mets was always the likeliest possibility, even as owner Steve Cohen publicly expressed frustration with the trajectory of negotiations.

Alonso's production declined over the past three seasons, with his OPS decreasing from .869 to .821 to .788. His FanGraphs wins above replacement dropped from 3.8 to 2.8 to 2.1, and his 34 home runs in 2024 were a career low for a full season.

Still, Alonso remained capable of special moments. With the Mets facing elimination, trailing 2-0 in the ninth inning of a wild-card series game against Milwaukee in early October last year, Alonso tattooed a changeup from Brewers closer Devin Williams to the opposite field for a three-run home run that held up to send New York to a series against Philadelphia. Alonso homered twice against the Phillies and once more in a six-game NLCS loss to the eventual World Series champion Los Angeles Dodgers.

Alonso's postseason bona fides -- a .278/.429/.574 line in 70 plate appearances -- added to his allure for the Mets, who now can lead off star shortstop Francisco Lindor and bat Soto, Alonso and emerging star third baseman Mark Vientos in the 2-3-4 holes. The Mets' deep roster includes outfielders Brandon Nimmo, Starling Marte and Tyrone Taylor, catcher Francisco Alvarez, second baseman Jeff McNeil, young infielders Ronny Mauricio, Luisangel Acuna and Brett Baty, as well as Jesse Winker (who re-signed as a free agent) and Jose Siri (acquired in a trade with Tampa Bay).

The Mets' also refashioned their pitching staff, re-signing left-hander Sean Manaea and signing right-handers Frankie Montas, Clay Holmes and Griffin Canning for their starting rotation, and bolstering their bullpen with left-hander A.J. Minter and right-hander Ryne Stanek.

ESPN's Jorge Castillo contributed to this report.