San Francisco ? The Bay Area’s other Barry is the new face of the San Francisco Giants – now and well into the future.

Barry Zito and the Giants reached a preliminary agreement on the largest pitcher contract in baseball history, a $126 million, seven-year deal. Zito joins the Giants three weeks after the club came to terms on a new $16 million, one-year contract with slugger Barry Bonds for a 15th season.

Zito’s agreement, reached late Wednesday night, includes an $18 million option for 2014 with a $7 million buyout that could increase the value to $137 million. The option would become guaranteed if Zito pitches 200 innings in 2013, 400 combined over 2012 and 2013 or 600 combined from 2011-13. Zito also has a full no-trade clause.

Zito is scheduled to have a physical today, and the Giants planned to announce their agreement with the three-time All-Star later in the day.

The deal ties for the sixth largest overall, matching the $126 million, seven-year extension agreed to this month by Toronto and center fielder Vernon Wells. The Giants, who missed the playoffs the past three seasons, were looking for someone to fill the void left when ace Jason Schmidt departed earlier this month for the rival Los Angeles Dodgers.

“A lot of money,” Zito’s former Oakland teammate Mark Ellis said. “I was shocked. That’s great for him. That’s a good place for him. There couldn’t be a better fit I don’t think. Obviously, we wanted him in Oakland.”

Giants general manager Brian Sabean had said the team had money to spend for a top pitcher, and Bonds agreed to defer some of the money from his new contract to give the team flexibility to improve the roster. Sabean never said how much money the Giants had to spend, but Zito’s contract far surpasses the $90 million, five-year contract the club gave to Bonds after his record-setting 2001 season.

Oakland pitcher Barry Zito delivers against Seattle in this Aug. 4 photo. Zito and the San Francisco Giants have reached an agreement on a 26 million, seven-year contract.

The Giants’ top brass – including owner Peter Magowan, executive vice president Larry Baer, Sabean and new manager Bruce Bochy – had a long dinner with Zito and his agent, Scott Boras, at the posh Peninsula hotel in Beverly Hills on Nov. 26.

Previously, the largest contract for a pitcher was Mike Hampton’s $121 million, eight-year deal with the Colorado Rockies before the 2001 season. Kevin Brown received a $105 million deal from 1999-2005

Zito went 16-10 with a 3.83 earned-run average last season and has a 102-63 career record with a 3.55 ERA. He won the 2002 AL Cy Young Award after going 23-5.