Japanese superstar Shohei Ohtani confirmed on Saturday that he is joining the Los Angeles Dodgers in a record-shattering 10-year, $700 million deal, the richest contract in the history of North American sport.

After weeks of frenzied speculation over where the 29-year-old Los Angeles Angels two-way ace would land in free agency, Ohtani announced on Instagram that he had opted for his former club's cross-town rivals.

"To all the fans and everyone involved in the baseball world, I apologize for taking so long to come to a decision," Ohtani wrote on Instagram. 

"I have decided to choose the Dodgers as my next team. I pledge to always do what's best for the team and always continue to give it my all to be the best version of myself," he continued. 

"Until the last day of my playing career, I want to continue to strive forward not only for the Dodgers but for the baseball world," Ohtani added.

Ohtani's agent, Nez Balelo, said in a statement that the deal would be worth $700 million over 10 years, a historic figure that smashed the previous record baseball contract as well as bettering the largest deals ever agreed in the NFL and NBA.

The previous largest contract awarded in baseball was the 12-year, $426.5 million extension handed to Ohtani's Angels teammate Mike Trout in 2019.

Until Ohtani's deal, the largest contract in any sport in North America belonged to Kansas City Chiefs quarterback Patrick Mahomes, who agreed to a 10-year, $450 million extension in 2020.