The deal includes an opt-out clause after five years, sources told Passan. It surpasses the deal Stephen Strasburg finalized with the Washington Nationals on Monday for most total money and annual average salary for a pitcher, at $36 million.
The 29-year-old, hard-throwing right-hander set an Astros record by winning his last 16 regular-season decisions and topped the AL with a career-best 2.50 ERA. His career-high 326 strikeouts were the most in the majors and broke an Astros franchise record that had stood since 1979, when J.R. Richard fanned 313.
Cole had only one loss after May 22. That came in Game 1 of the World Series against the Nationals, but he redeemed himself with a stellar outing in Game 5. In the postseason, Cole went 4-1 with a 1.72 ERA in 36⅔ innings.
Cole grew up a Yankees fan and attended several games at the old…