The Philadelphia Phillies are reportedly preparing to offer pitcher Cole Hamels an offer of at least $120 million (via CBS Sports).

The Phillies are trying to retain Hamels with such an offer. Philadelphia was able to sign Cliff Lee for $120 million over five years. However, the Phillies might need to dig deeper to sign Hamels. On the free agent market, sources told CBS, Hamels could bring in $150 million or even more money.

Hamels, 28, is 11-4 this season for the Phillies with an ERA of 3.07. For his career, Hamels is 85-58 with an ERA of 3.36 and 1,216 strikeouts in 1,287 1/3 innings pitched. He has won at least 10 games every season since he won nine as a rookie in 2006.

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