Cyrus Baguio, whose backcourt wizardry helped Alaska win the PBA Fiesta Cup recently and was named co-MVP of the tournament, has reportedly agreed to a new three-year contract with the Aces worth P12.6 million.

“The two parties are now working out the other details of the contract, but basically it’s good already,” said the source, who asked not to be named as he is not authorized to discuss the contract negotiations between Baguio and Alaska.

The 6-foot-2 Baguio helped the Aces win the Fiesta Cup when they dethroned San Miguel Beer, 4-2, in the best-of-seven title series. Baguio was named co-Finals MVP with LA Tenorio.

Originally drafted by Red Bull in the second round (14th overall) during the 2003 PBA Rookie Draft, Baguio was traded to Air21/Burger King last year, and then to Barangay Ginebra.

In a stunning move, Alaska dealt its leader, former two-time MVP Willie Miller to the Kings, for Baguio, who became an instant success when he flourished under coach Tim Cone’s triangle offense as the team’s shooting guard.

Meantime, sources said that defending Philippine Cup (all-Filipino) champion B-Meg Derby Ace (formerly Purefoods), has also agreed to re-sign veteran point guard Paul Artadi and third year guard Jonathan Fernandez.

The two are expected to sign anytime this week.

Also, James Yap, last season’s MVP and Philippine Cup’s Best Player of the Conference, is set to sign a new deal with the Llamados. He is currently vacationing in the United States and will return next week.