The deal rumored to be worth $15.5 million will keep the talented young catcher under contract until 2011.
Molina, 25, was limited to 111 games in 2007 but batted a career-high .275 with six home runs and 40 RBI.
Molina is best remembered for his game-winning, two-run homer in the ninth inning of the Cardinals' Game Seven victory over the New York Mets in the 2006 NLCS.
