The Philadelphia Phillies have agreed to a deal with former Red Sox close Jonathan Papelbon, according to a tweet from Jim Salisbury of CSN Philadelphia.
The deal is rumored to be for four years and "approaches $50 million" in value, according to Salisbury. ESPN's Jayson Stark is reporting that the contract could include a vesting option which if exercised, could make the deal's total value worth $60 million.
Papelbon, 30, had served as the Boston Red Sox closer since 2006. Last year for Boston he posted a career-low 31 saves with a 2.94 ERA. The four-time All-Star has averaged 37 saves and a 2.33 ERA over seven professional seasons. The Phillies were in need of a closer after news broke yesterday that the club was not optimistic about re-signing incumbent closer Ryan Madson. Madson reportedly wants a four-year $44 million contract, which is more than the Phillies are likely to agree to.