It’s official: The Panda is in Boston.

The Red Sox announced Tuesday that third baseman Pablo Sandoval officially agreed to a five-year contract through 2019, with a club option for 2020. Financial terms weren’t released, but reports have pegged the deal as being worth almost $100 million.

The Red Sox designated catcher/first baseman Ryan Lavarnway for assignment to make roster room.

Sandoval, 28, spent his first seven seasons with the San Francisco Giants, racking up three World Series rings along the way. In fact, only new Red Sox teammate David Ortiz (.455) has a higher World Series batting average than Sandoval (.426).

Sandoval will wear No. 48 with the Red Sox, as he did with the Giants.

Lavarnway, 27, split four seasons between Boston and Triple-A Pawtucket. He appeared in nine games for the Red Sox last season, going 0-for-10.

Thumbnail photo via Twitter/@JuniorPepen