The club did not immediately disclose the terms of the deal, but MLB.com reported that Trout's new contract adds 10 years to his current deal, which is set to expire following the 2020 Major League Baseball season. The total contract is worth $426.5 million, the largest deal in North American sports history.
Trout had been due $66.5 million over the next two seasons under his previous deal, a $144.5 million, six-year agreement that took effect for the 2015 season.
"This is where I wanted to be all along," Trout said in a statement released by the Angels. "I have enjoyed my time as an Angel and look forward to representing the organization, my teammates and our fans for years to come." The team announced that Trout would hold a news conference in Anaheim on Sunday afternoon.
"This is an exciting day for Angels fans and every player who has ever worn an Angels uniform," owner Arte Moreno said. "Mike Trout, an athlete whose accomplishments have placed him among the greatest baseball players in the history of the game, has agreed to wear an Angels uniform for his entire career."
Trout's extension tops the new $330 million, 12-year contract between Bryce Harper and the Philadelphia Phillies, and Trout's $35.5 million average annual value would surpass pitcher Zack Greinke's $34.4 million in a six-year deal with the Arizona Diamondbacks that started in 2016. The contract also would best Mexican boxer Canelo Alvarez's $356 million deal with sports-streaming service DAZN.
Trout, 27, has been an All-Star in each of his seven full big league seasons and hit .312 with 39 homers, 79 RBIs, 24 steals and 122 walks last year. He has led the major leagues in OPS in each of the last two seasons.
The Associated Press contributed to this report.