8/1 11:42: According to a team press release, the Houston Astros and right-handed pitcher Brett Myers have reached agreement on a contract extension through the 2013 season. The contract is guaranteed for the 2011 and 2012 season and has a 2013 team option that will vest based on Myers’ 2012 performance. The guaranteed value of the contract is $21 million. If the club option vests, it will be worth $28 million with additional bonus potential that could reach $29.5 million.

7/31 20:54: Houston Astros right-handed pitcher Brett Myers is close to signing a multi-year extension according to Brian McTaggart of MLB.com.

Ed Price of AOL FanHouse says that the extension is expected to be for 2011-2012 with an option for 2013. A source close to Ken Rosenthal of FOXSports says the the extension will be for two years through 2012 with a club option for 2013. The the option will have a vesting element.

Myers, was arguably the best right-handed pitcher to be traded today, but was not moved by the Astros. Houston flirted with the idea, but ultimately kept the right-hander. Myers is being paid $3.1 million in his first year with the Astros. There is a mutual option for $8 million for 2011. It’s presumed that his new contract extension will wipe out the mutual option for next year.