By JOEL SHERMAN

The Phillies have reached a three-year, $20.5 million contract with their ace, Cole Hamels, the Post has learned.

Hamels will receive $4.35 million in 2009, $6.65 million in 2010 and $9.5 million in 2011. Though a long-term contract, this deal buys out none of Hamels’ free-agent seasons. But it does allow the Phillies to avoid salary arbitration with their ace at a time when they are still facing cases with Ryan Madson, Shane Victorino, Jayson Werth and – most notably – Ryan Howard, who could earn $15 million or more in the process.

Hamels, 25, went 14-10 for the World Series winners last year, and then excelled in the playoffs by going 4-0 in five starts with a 1.80 ERA. He was the MVP of both the NLCS and World Series.

If Hamels wins the Cy Young, his salary in 2010 and/or 2011, his base salary would go up by $500,000 in the following season. If he were to finish second or third in the Cy voting, his salary would go up by $250,000 in the following season.

He also would earn an extra $100,000 in a bonus for winning the Cy, $75,000 for second place and $50,000 for third. He would have the same $100,000/$75,000/$50,000 for finishing first, second or third in the MVP balloting. He also has provisions that call for $25,000 for the Gold Glove or Silver Slugger. If he is an All-Star, as he was for the first time last year, he would earn $50,000. And if he were to repeat as the LCS MVP, he would earn $50,000 or $100,000 for again being the World Series MVP.