The Los Angeles Dodgers are signing right-hander Tyler Glasnow to a five-year, $135 million extension to complete a trade with the Tampa Bay Rays.

Multiple news reports Thursday said the Dodgers acquired Glasnow and outfielder Manuel Margot from the Rays in exchange for right-hander Ryan Pepiot and outfielder Jonny Deluca.

Glasnow, 30, is slated to earn $25 million in 2024, the second and final year of a $30.35 million deal he signed with Tampa Bay in August 2022. Without an extension, he would be eligible for free agency after the 2024 World Series.

The contract extension will take effect immediately. It includes a $10 million signing bonus this year and a $30 million club option for 2029, per MLB.com. Glasnow could execute his $20 million player option should the Dodgers not pick up his option.

Glasnow has shown flashes of promise as a staff ace — when healthy. He underwent Tommy John surgery in 2021 and was limited to two starts in 2022 following his rehab. He has pitched just 60 games over the past five seasons.

He went 10-7 with a 3.53 ERA in 21 starts last season, striking out a career-high 162 batters in 120 innings. He has a career 3.89 ERA and a 30-27 record in 127 games (88 starts) for the Pittsburgh Pirates (2016-18) and Tampa Bay (2018-23).

The Dodgers are working on replacing multiple pieces in their starting rotation. It is unclear whether franchise icon Clayton Kershaw, a free agent, will return. Julio Urias is not expected to return amid an investigation into alleged domestic violence.