(CBS) Right-hander James Shields has signed a four-year contract with the San Diego Padres, according to multiple reports.

CBS Sports’ Jon Heyman confirmed the deal, which includes an option year and is believed to be between $72 million and $76 million. For some time, San Diego was widely viewed as the favorite to land Shields.

The Cubs also had interest in signing Shields before he agreed to a deal with the Padres, but the price range appeared to be too much for Chicago has it already inked left-hander Jon Lester to a $155-million deal earlier this offseason.

Shields, 33, was 14-8 with a 3.21 ERA for the Royals last season.