WEEI.com's Rob Bradford is reporting that the Red Sox have come to terms on a two-year deal with pitcher Tim Wakefield.

The new contract will pay the 43-year-old a guaranteed $5 million — $3.5 million in ‘10 and $1.5 million in ‘11 — with the opportunity to earn various incentives that could bring the package’s total worth to approximately $7 million over the two years.

 The signing comes after the Red Sox declined his 4 million dollar club option for the 2010 season. Wakefield, who underwent surgery on a herniated disk, is expected to be ready for Spring Training. 

He is just three wins away from tying the record for most wins by a pitcher in a Red Sox uniform, currently shared by Roger Clemens and Cy Young at 192.