Paul Molitor and the Twins agreed Monday on a three-year contract that will bring the 61-year-old back as the team's manager.

Molitor's three-year contract expired at season's end.

The Twins made the announcement in a news release on Monday, and will have a news conference at 11 a.m. Tuesday at Target Field.

The Twins did not disclose financial terms of the contract, but USA Today reported that it was for around $4 million over the three years.

Molitor is one of the favorites for the American League manager of the year award. The Twins were the first team to make the Major League Baseball playoffs after a 100-loss season, rebounding from a 59-103 record in 2016 to go 85-77 in 2017. They earned the second wild-card berth in the American League before losing to the Yankees 8-4 on Tuesday in a one-game playoff in New York.

Following the loss, Molitor declined to talk about his future with the Twins.

Twins manager Paul Molitor.

Molitor, 61, has a three-year record of 227-259 despite two winning seasons. The team's 2016 season led to the dismissal of GM Terry Ryan and the arrival of Falvey and GM Thad Levine.

The new regime agreed when it arrived last November that Molitor would manage the 2017 season, the final year of his contract. Falvey said late in the season that the manager's status would not be discussed until the season was over.

Pitching coach Neil Allen has been told that he would not be brought back next year, but the Twins have not made an announcement regarding the future of Molitor's other coaches. The coaches met with Chief Baseball Officer Derek Falvey last week.

Third base coach Gene Glynn, Allen, bullpen coach Eddie Guardado, assistant hitting coach Rudy Hernandez and bench coach Joe Vavra have been with Molitor all three seasons.

Hitting coach James Rowson, first base coach Jeff Smith and coach Jeff Pickler were added before the past season.

Molitor, a St. Paul native, is in the Baseball Hall of Fame after a 21-season playing career that ended with three seasons in Minnesota. He took over as Twins manager in November, 2014, after Ron Gardenhire was fired.

Monetary details for Molitor's last contract were never disclosed, but the three-year deal was believed to have been worth in the vicinity of $4 million.