"David Ortiz has reached agreement with the Red Sox on a two-year, $26 million contract with incentives that could raise the value of the deal to $30 million.
The sides reached agreement on Friday night and was confirmed by a source with direct knowledge of the situation."
It was reported this afternoon that Big Papi and the Bo Sox were getting close to an agreement. Ortiz had made it clear he was expecting to sign a two-year contract this offseason.
Ortiz, 36, posted a slash line of .318/.415/.611 over 90 games for Boston last season, mashing 23 home runs. He had a similarly impressive 2011 season that netted him $12.5 million through arbitration last winter.
There were rumors the Texas Rangers would make a run at Ortiz if he had reached free agency, possible putting additional pressure on Boston to get a deal done before the midnight deadline.