UPDATE, 5:59: Maddon's new deal is for about $6-million total over the three years, and slots him in the middle of the pack salary wise among the 30 MLB managers. He made about $1.3-million in 2011.

UPDATE, 3:09: As for the formal news, the Rays have now scheduled an 11 a.m. Wednesday press conference for a "special announcement.''

BREAKING: The Rays and manager Joe Maddon have completed a 3-year contract extension, the Times has learned. An announcement is expected Wednesday.

Maddon's current contract expires as the end of this coming season. Both sides have expressed strong public interest in continuing the successful relationship.

Maddon said in early December that talks had begun and he was "very confident" an agreement would be reached. "I'm sure it's going to be all worked out in due time," Maddon said in Dallas at the baseball winter meetings. And executive VP Andrew Friedman said then, "My expectation is to work with Joe for a long time." Friedman reiterated those comments in a radio interview last week.

Though there has been no deadline by either side, it made sense for the issue to be resolved before spring training opens Feb. 20. The deal was close to being completed last month before Maddon left on a European vacation.

Maddon took over the Rays in 2006, and they are 495-477 in his six seasons, with three trips to the playoffs in the last four years. He was given a three-year extension in May 2009 that ran through the 2012 season. He was originally hired in November 2005 on a two-year deal with two options that were picked up.