In an effort to beat Monday's free-agency deadline, Bill Giles, president of the Philadelphia Phillies, and agents representing Mike Schmidt worked on the final details of a two-year contract that will most likely make the all-star third baseman the highest paid player in baseball.
The agreement is believed to be worth $2.5 million a year.
Schmidt, 38, who batted .296, hit 35 home runs and had 113 runs batted in during 1987, is seeking a raise after having completed a six-year contract worth $2.133 million a season.
Meanwhile, 13 players, including relief pitcher Juan Berenguer of the world champion Minnesota Twins, filed for free agency.
This brought the total of free agents to 71 of a possible 105.
Monday's additions included outfielder Ken Landreaux of the Dodgers, pitcher Greg Minton of the Angels, pitchers Ed Lynch and Dickie Noles and infielder Manny Trillo of the Chicago Cubs, outfielder Eddie Milner and utility man Joel Youngblood of the San Francisco Giants, outfielder Ken Griffey and infielder Graig Nettles of the Atlanta Braves, utility man Jamie Quirk of the Kansas City Royals, pitcher Mark Clear of the Milwaukee Brewers, and pitcher Moose Haas of the Oakland A's.