The extension proposal submitted by Indians pitcher Justin Masterson to the team is believed to be in the range of $40 million to $60 million for three-to-four years, the Cleveland Plain Dealer reports.

CBSSports.com baseball insider Jon Heyman reported earlier Tuesday that Masterson could be amenable to a three- or four-year deal on the right terms, and the Plain Dealer provided clearer details of the salary the pitcher is seeking. He's making $9,726,500 in his final year before reaching free agency.