According to the team’s official Twitter account, the Toronto Blue Jays have officially announced Jose Bautista’s deal via a press conference.

On Wednesday, Bautista and the Blue Jays agreed to a five-year, $64 million deal. Bautista will make $8 million in 2011 and $14 million in each of the following four seasons (via Gregor Chisholm of MLB.com). The team holds a club option of $14 million for 2016 (via team’s official Twitter account).

The deal will include contributions to Bautista’s charities in Canada and the Dominican Republic.

The 30-year-old MLB home run leader hit 54 home runs and drove in 124 RBIs while making only $2.4 million last season.   The sides previously had a scheduled appearance before an arbitrator last Monday, but the hearing was postponed because of the negotiations.  A deal would have had to have been done by this Friday as Friday was the deadline for all arbitration hearings to be completed.