CHICAGO -- The Chicago White Sox and left-handed starter John Danks have agreed to a five-year, $65 million extension, a source reported Wednesday night.

The deal is pending a physical exam and is not expected to be announced until after Christmas.

Danks, 26, was one year away from free agency and had been shopped to other teams, including the Texas Rangers, the Chicago Tribune reported, but the White Sox had trouble getting what they wanted for him on the trade market.

Danks went 8-12 with a 4.33 ERA in 27 starts last season -- his worst year since he was a rookie in 2007. A 15-game winner 2010, he has posted a 54-56 record and 4.03 ERA in five seasons in the majors.Take John Danks off the list of pitchers on the trade market.

The Sox have worked out a five-year, $65 million contract extension with their left-handed starter, who they had spent the early part of the off-season offering to other teams in trades. The deal, sources tell CBSSports.com's Jon Heyman, is pending a physical exam and is expected to be announced after Christmas.

The 26-year-old Danks would have been eligible for free agency after next season, which is one reason the White Sox were so willing to move him and also why they had trouble getting what they wanted for him on the trade market. Danks, a 15-game winner in 2010, slumped to an 8-12 record and 4.33 ERA in 2011, his worst year since he was a rookie in 2007.

While some people asked quickly whether the contract would simply make Danks easier to trade, it's highly unlikely that the White Sox would trade him now. At his age and talent level, he fits more (now that he's signed) as the type of player the Sox would be trying to acquire than one they would want to move.

More likely, the White Sox will now attempt to rebuild around him, perhaps speeding up general manager Kenny Williams' building process.