(CBS) — The Los Angeles Dodgers and Matt Kemp have agreed to the richest contract in National League history.

An official announcement won’t come until Kemp’s family and agent, Dave Stewart are with him.

Kemp took part in a field dedication in Compton on Monday afternoon, along with current owner Frank McCourt.

The extension will be 8-years, $160 million, and will prevent Kemp from becoming eligible to be a free agent at the end of the 2011 season.

The deal does not need to get the bankruptcy courts approval.

Kemp will be the first Dodger to get a $100+ since the team signed Kevin Brown under Fox ownership.

Gallery: Matt Kemp Home Runs

The 27-year-old Kemp is one of the front-runners to win the NL MVP, which will be announced shortly.

Andre Ethier is eligible to become a free agent after the 2011 season, and the Dodgers may try to sign him to an extension as well.