CINCINNATI, Ohio (Reuters) - National League MVP Joey Votto has agreed to a three-year contract extension with the Cincinnati Reds, Major League Baseball said Sunday on its website (www.mlb.com), citing baseball sources.

The new deal is reportedly worth $38 million and helps the Reds avoid Votto going to arbitration. A physical is scheduled for Monday to make the deal official.

Votto made just $525,000 last season while helping the Reds win the NL Central Division.

He hit .324 with 37 home runs and 113 RBIs and made his first All-Star game appearance.

(Writing by Jahmal Corner in Los Angeles; Editing by Steve Ginsburg)