First baseman Todd Helton has agreed to a contract restructuring and extension that will allow him to finish his career where it began, with the Colorado Rockies.

FOXSports.com has learned that Helton will defer a significant part of his 2011 salary and will receive an extension covering the 2012 and 2013 seasons.

An announcement is expected later today.

A source close to the situation said Helton was scheduled to earn $19.5 million in 2011 and his current deal also included a $4.5 million club buyout on an option for 2012.

Under the restructuring, Helton will receive a $4.5 million signing bonus payable in 2011 plus a $6 million base salary with $13 million deferred until after his playing career.

He will be paid salaries of $4.9 million in 2012 and $5 million in 2013.

The Rockies also will leave the door open for Helton to remain a part of the organization after he's finished playing. The Rockies' first round draft pick in 1995 out of the University of Tennessee, Helton holds every franchise offensive record.