The Los Angeles Dodgers have signed two-time American League MVP Shohei Ohtani to a 10-year contract, the club said Monday.

The $700 million contract is believed to be the largest in professional sports history.

"Dodger fans, thank you for welcoming me to your team," Ohtani said in a press release from the Dodgers. "I can say 100 percent that you, the Dodger organization and I share the same goal — to bring World Series parades to the streets of Los Angeles."