Jeff Passan tweeted the news Thursday afternoon, saying Harper's deal with the Phillies will be for $330 million, "a new record for overall dollars, topping the $325 million of Giancarlo Stanton, league sources tell ESPN."
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Harper, a six-time All-Star and one-time National League MVP award winner, was one of the most sought after free agents on the market.
The 26-year-old right fielder led Washington with 34 homers, 100 RBIs and 130 walks last season.
Bryce Harper: Fast Facts
According to the Washington Post, Harper turned down an "aggressive offer" from the Nationals which included no opt-outs and was less than the $400 million it was speculated Harper and his agent Scott Boras were seeking.
In his career, Harper has with 184 homers, 521 RBIs and a .900 OPS. He also was the 2012 National League Rookie of the Year.
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As free agency heated up, the Phillies met with both Harper and Manny Machado. ESPN reports Machado has agreed to a $300 million 10-year deal with the San Diego Padres.
Owner John Middleton and general manager Matt Klentak flew to Las Vegas to speak to Harper.
"I think it was really positive," Middleton said. "We really got to see the man. We watched the player for years, but we got to understand the man, what he'd be like in the dugout, the clubhouse, the community."
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Philadelphia Phillies owner, GM meet with Bryce Harper in Las Vegas
Phillies manager Gabe Kapler said he thought he and Harper "really bonded."
"We just hit it off," Kapler said on MLB Network. "He's an easy guy to talk to and he certainly is especially competitive."
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Kapler said another thing the two bonded over was food.
"He loves food and Philadelphia has an incredible food scene, among the best in the country, if you ask me."
He took at a trip to Philadelphia in December to meet with Phillies executives at Citizens Bank Park.
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Manny Machado visits Phillies