While Markakis is currently arbitration eligible, he would not be a Free Agent until after the 2011 season.
The Sun is reporting the O’s are close on a 6 year deal with Markakis, which would make him an Oriole through 2014.
http://www.baltimoresun.com/sports/baseball/bal-orioles0117,0,3105559.story
There could be no better news for Oriole fans, then the finalization of this deal.
I have long believed that it was/is imperative for this extension to occur this off-season, if it was going to happen at-all.
If this gets done, the Orioles can concretely point to the positional core of Markakis, Jones, Wieters…. along with all of the young talented arms; led by Matusz, Tillman, and Arrieta… and the fans of this organization will legitimately be able to believe that better days lay ahead.
EDIT – Jan 20th , Balt Sun Reports the extension has been finalized:
http://www.baltimoresun.com/sports/baseball/bal-markakis119,0,5464895.story

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Chris Stoner founded Baltimore Sports and Life in 2009. He has appeared as a radio guest with 1090 WBAL, 105.7 The Fan, CBS 1300, Q1370, WOYK 1350, WKAV 1400, and WNST 1570. He has also been interviewed by The Baltimore Sun, Baltimore Business Journal, and PressBox (TV). As Owner, his responsibilities include serving as the Managing Editor, Publicist, & Sales Director.