Philadelphia, PA (My Sportsbook) - The World Series champion Philadelphia Phillies and star first baseman Ryan Howard have agreed to a three-year contract.

The deal is worth $54 million and allows both sides to avoid salary arbitration for the next three seasons.

Howard hit .251 with a major-league leading 48 home runs and 146 runs batted in last season. He finished second to St. Louis Cardinals first baseman Albert Pujols for National League Most Valuable Player honors last season.

"I'm happy to have this done and to know that I'll be in Philadelphia for at least another three years," Howard said. "Both sides are happy and now I'm just focused on getting the season started and having fun."

Howard, who claimed the MVP in 2006, was instrumental in helping the Phillies get to postseason play last season. As the NL Player of the Month in September, the burly slugger finished with a .352 average, 11 homers and a club-setting 32 RBI in the month.

"We're very pleased to have avoided the arbitration process, not just for this year, but also for the next two," Phillies general manager Ruben Amaro Jr. said. "Ryan is clearly one of the top power hitters and run producers in the major leagues and is a very important part of our championship club."

In postseason play during the team's title run, Howard struggled in the NL Division Series against Milwaukee, hitting a mere .182 with one RBI. Then in the NL Championship Series versus the Los Angeles Dodgers, he raised his average to .300, but was limited to only a pair of RBI.

The 29-year-old slugger picked things up in the World Series in helping the Phillies claim their first title since 1980. He hit .286 with three homers and six RBI, while drawing three walks as Philly beat Tampa Bay in five games.

Howard was originally picked by the Phillies in the fifth round of the 2001 draft and has a .279 average with 177 homers and 499 RBI in 572 career games.