Major League Baseball's highest-paid player is sharing some of his wealth with his favorite college. Texas Rangers shortstop Alex Rodriguez will donate $3.9 million to the University of Miami in Florida.

The gift will be used to fund a permanent annual scholarship at the University for a member of the Boys and Girls Club of America. There is also money to begin a stadium renovation campaign for the baseball team.

Rodriguez is an alumnus and a major backer of the Boys Clubs organization.

Rodriguez just completed the second year of a 10-year, $252 million contract and is a Miami resident. He has also announced his intention to enroll at the school. Rodriguez signed a scholarship to play baseball for Miami in 1993, but never played for the Hurricanes after being drafted by the Seattle Mariners.

Rodriguez's gift to the stadium renovation campaign represents the largest contribution ever to the baseball program. The university will name the facility Alex Rodriguez Park upon its construction.