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WEDS 1:24 PM EST: The two sides have agreed to a four-year/$44 million agreement but is waiting for approval from ownership, reports Jon Heyman of SI.
TUES 7:48 PM EST: Sources tell Todd Zolecki of MLB.com "a deal could be finalized before the end of the week."
TUES 6:04 PM EST: Tim Brown of Yahoo! has the numbers: 4 years/$44 million, fifth-year option worth $13 million. It's not a done deal, yet.
Earlier today we heard the Philadelphia Phillies are "determined" to sign either Ryan Madson or Jonathan Papelbon to be their closer. Now it appears Madson, who served as the team's closer in 2011, will be the Phillies closer of choice long-term.
According to Jim Duquette of MLB Network, the two sides are "closing in" on a four-year deal. A vesting option for a fifth year may also be included in the deal, Duquette adds. Sports Illustrated's Jon Heyman believes Madson and the Phillies are discussing a deal for about $11 million a year.
The Phillies are taking a gamble here, giving a 31-year-old reliever this type of money isn't the smartest of decisions. You would think the Phillies know that first-hand, after giving Brad Lidge 3 years/$36 million as a 31-year-old. Now that Lidge's contract expired, Philadelphia decided to give a worse deal to another 31-year-old reliever to serve as their closer.