2:11 PM EST: Ken Rosenthal is saying the deal is worth $16 million - and Cruz has already passed his physical.

1:24 AM EST: The Texas Ranges and Nelson Cruz are coming close to signing a two-year deal, according to Evan Grand of the Dallas Morning News. The deal will allow both to avoid arbitration both this year and next. Grant notes that Cruz sought $7.5 million via arbitration while the Rangers offered just $5.5 million. Extrapolating the difference over two years (math!) suggests the deal could land around $13 million.

Cruz, 31, is entering his 8th season, all of which have been with the Rangers. He's a career .270 / .330 / .504 hitter and has hit 20+ home runs over the past three seasons. Cruz has already generated almost 8 wins above replacement, mostly on the back of great 2009 and 2010 seasons.

Source: Rangers, Cruz close on two-year deal - Evan Grant | Dallas Morning News
"The 2-year deal with Cruz, who is seeking $7.5 million via arbitration, would allow the Rangers to avoid an arbitration hearing with him again next winter. The Rangers offered Cruz $5.5 million this year, making the midpoint between the two offers $6.5 million."

This is the disclaimer where I tell you to ignore that terrible play that cost the Rangers the World Series and instead focus on that career 500+ SLG.