The extension, set to take effect next year and run through 2024, will be for five years and $130 million. Goldschmidt's deal is the largest in Cardinals history, both by total dollars and average annual value.
Goldschmidt's deal won't contain any opt-outs and he'll receive a full no-trade clause.
Goldschmidt was scheduled to enter free agency after the coming season. He'll earn $14.5 million in 2019, the final year of a deal he inked with the Arizona Diamondbacks in 2014.
The 31-year-old is about to enter his first season with the Cardinals, who acquired him from Arizona in an offseason trade. A three-time NL MVP finalist, Goldschmidt has collected three Gold Gloves and four Silver Slugger awards during his stellar eight-year career.
Last season, he appeared in 158 games for the D-Backs - his fourth straight season playing in 150-plus contests - and slashed .290/.389/.533 with 33 homers, 35 doubles, 83 RBIs, 90 walks, and seven steals en route to a sixth-place finish in MVP voting.