Matt Chapman, regarded as one of the best defensive infielders in baseball, agreed to a three-year, $54 million contract with the San Francisco Giants, sources confirmed to ESPN on Saturday.

The deal includes opt-outs after the first and second year of the agreement.

Chapman's deal is very similar in structure to that of Cody Bellinger, who re-signed with the Chicago Cubs last week, with his highest salaries at the outset of the contract. Like Bellinger, Chapman also has the built-in opportunity to test the market again if he has a better season offensively than in 2023.

Chapman, who turns 31 in April, won his fourth Gold Glove Award in 2023 with the Toronto Blue Jays. Since the start of the 2018 season, he ranks first among all players at third base in defensive runs saved and is third in outs above average.

As Chapman moved into free agency this fall, however, some talent evaluators privately expressed doubts about their interest in him because of his offensive performance -- 71 homers over the past three seasons but with a .226 batting average and 537 strikeouts in 446 games.

His 2023 season was a microcosm of the good and bad he has generated at the plate: After starting well and batting .384 in April, he flatlined, generating a .205/.298/.361 slash line the rest of the way. Evaluators noted his trouble against fastballs.

The Giants have had difficulty signing high-end free agents in recent winters, with their overtures to Aaron Judge and others turned down. The addition of Chapman should complement what is expected to be a good pitching staff -- including sinkerballer Logan Webb.

The New York Post first reported Chapman's deal with the Giants.