Chiba Lotte Marines representative Ryuzo Setoyama said Friday the Pacific League club and manager Bobby Valentine have agreed on a new, three-year contract.
"We have reached an agreement and it was confirmed when I met him this morning," Setoyama said, adding that the whole process will be completed after lawyers deal with the paperwork.
"Each side compromised to reach this point," said Setoyama, who declined to disclose terms of the deal.
Lotte has been keen on maintaining the services of Valentine, who steered the ballclub to its first Japan Series title in 31 years with a four-game sweep of the Central League champion Hanshin Tigers last month.
Valentine said earlier he has drawn interest from the Tampa Bay Devil Rays, Los Angeles Dodgers and Washington.
Setoyama said all coaches on the top team will stay with Valentine.