The new deal includes a player option after the third year. So if Santander elects to opt out of the contract, the Blue Jays can void it by extending the deal to six years, $110 million.
Santander was one of the best power hitters in baseball last season. He was third in total home runs (44) sitting just behind American League MVP Aaron Judge (58) and National League MVP Shohei Ohtani (54).
Santander's .506 slugging percentage was also 15th in the league (11th in the American League) and 11th in RBI (102), all career-highs, leading the way to his first career Silver Slugger award and All-Star appearance.
The eight-year veteran spent every season with the Baltimore Orioles and widely became a fan favourite. Santander himself even posted an emotional thank you video to all the Orioles fans on his personal Instagram.
Santander will be providing much-needed power to a Blue Jays lineup that ranked 26th in home runs and 20th in slugging percentage. Toronto finished last in the AL East last season with a 74-88 record while the O's finished second at 91-71, just three games behind the New York Yankees for first place.