UPDATE: The deal has been confirmed.
UPDATE: Jon Heyman of CBS Sports has some information regarding the financials of the deal:
Terry Collins 2-year deal is worth about $3M totalXXlt;/p>— Jon Heyman (@JonHeymanCBS) November 4, 2015
The New York Mets have awarded manager Terry Collins after the 66-year-old guided the club to its first World Series appearance since 2000.
Collins agreed to a two-year contract to remain manager of the Mets, the latest rumors indicate. His deal expired after the 2015 MLB season.
"After leading the New York Mets to their first National League pennant in 15 years, manager Terry Collins has a new two-year contract, according to sources," writes Adam Rubin of ESPNNewYork.com.
"The Mets got back to business Tuesday. Less than 48 hours after they were eliminated from the World Series, the Mets agreed to a deal with Terry Collins to manage the team for two more years with an increase in salary, two team sources confirmed to the News," adds Kristie Ackert of the New York Daily News.
Anthony DiComo of MLB.com also confirmed the report.
Both Rubin and Ackert noted the deal is expected to be formally announced at 11 a.m. ET on Wednesday when Collins and general manager Sandy Alderson address the media at Citi Field.
"This likely will be Collins' final contract as a manager," Rubin added. "He has indicated an eagerness to retire after managing a couple of more seasons."
Collins has managed the Mets since 2011 and owns a 394-416 record over those five seasons. His first winning campaign with the team came in 2015, as did the first division title, postseason berth and World Series appearance of his career.
He was voted the NL Manager of the Year by his peers in a poll conducted by the Sporting News. He's also a candidate for the official NL Manager of the Year award, which will be determined by the Baseball Writers' Association of America and announced on Nov. 17.
Although the World Series didn't end the way the Mets had hoped, the future remains bright for this young and talented team, and they'll be in good hands with Collins as skipper for the next two seasons.