Los Angeles Dodgers general manager Ned Colletti will be at the helm of the franchise for the foreseeable future. On Saturday morning, news came that the new ownership group and Colletti have agreed to a contract extension. The terms were not disclosed.

Here is Jon Heyman on CBS Sports with the latest:

Dodgers GM Ned Colletti and the team have a new deal to keep Colletti in the role he's held since late 2005, CBSSports.com has learned.

Colletti's contract called for mutual options after this season, but a new deal was being discussed. The Los Angeles Times had reported eight days ago that an offer was on the table from the new Dodgers owners.

Colletti, who finally had some assets to work with this summer, made a couple of big splashes for the Dodgers. First came Hanley Ramirez, who has done a very nice job solidifying the left side of the infield. Then came a blockbuster deal with the Red Sox that no one expected, acquiring nearly $260 million in salary for Josh Beckett, Carl Crawford, Adrian Gonzalez and Nick Punto.

Despite all these moves, the Dodgers have struggled in September and are currently on the outside looking in at a playoff spot. Colletti certainly has done his part to give his club the pieces needed to make a run; now it's just a matter of putting it all together in time for October and the postseason.

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