The contract is the 10th-largest in baseball history. It also is $16 million more than what the Nationals gave free-agent outfielder Jayson Werth prior to the winter meetings. SI.com reports Crawford will receive a partial no-trade clause.
The Boston Globe was first to report the agreement.
Crawford, 29 spent the first nine years of his major league career with the Rays, who have developed a bitter rivalry with the Sox. It was thought that Crawford would be hesitant to join a team he tried to beat.
It also was expected that Crawford would eventually land with the Angels, who had made him their top priority in the free-agent market. The New York Daily News reported that L.A. offered Crawford $108 million over seven years.
"That hurts my heart, man," Angels outfielder Torii Hunter told CBSSports.com early Thursday when informed that Crawford was headed to Boston. "That hurts my heart. But hey, what can you do? You've just got to go on to the next one.
Carl Crawford 7 Year Contract
"Congratulations to him. He deserves it. ... I'm disappointed, man. I really wanted to play with him."
The Yankees and Rangers were on the periphery in talks. Yankees GM Brian Cashman did have dinner with Crawford on Tuesday night at the meetings, but the team never made a contract offer.
"It's a great pickup (for the Red Sox)," Cashman told reporters Wednesday night. "He's a great player."
Crawford is the second big-name player Boston has added in the past week. It acquired first baseman Adrian Gonzalez in a trade with the Padres on Saturday. Boston reportedly has agreed with Gonzalez on a seven-year, $154 million contract extension.
Carl Crawford 7 Year Contract
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