Seattle Mariners sign Jason Bay

UPDATE - 1:10 PM EDT - Bay received $1 million in a base salary from the Mariners with a chance to make $2 million more if he's a regular for the club, according to Jon Heyman of CBS Sports.

Bay got $1M base from seattle w/ chance make $2M more if he's a regular. w/$21M from mets, could make $24M

— Jon Heyman (@JonHeymanCBS) December 6, 2012

ORIGINAL - The Mariners have signed free-agent outfielder Jason Bay, reports Andy Martino of the New York Daily News:

Source: mariners sign Jason bay. Deal agrees to pending physical

— Andy Martino (@MartinoNYDN) December 5, 2012

It was reported earlier this morning that the 34-year-old Bay was nearing a decision on offers from several teams, including the Cleveland Indians and Chicago Cubs Seattle Mariners, but in the end the righty slugger went with Seattle.

The deal will pay Bay less than $1 million, per Greg Johns of MLB.com, but the veteran will receive plenty of compensation elsewhere.

Bay recently became a free agent after reaching a buyout agreement with the New York Mets -- who signed the outfielder to a four-year, $66 million contract in 2010. Bay sought a change of scenery and the Mets were willing to oblige after three rough seasons in New York. The terms of the buyout have not been released, but the Mets will pay the outfielder the remaining $21 million on his contract over the course of several years.

Bay was a shell of his former self in his three years with the Mets, hitting just .234/.318/.369 with 26 home runs in his troubled tenure with the club; a far cry from the days when he averaged 30 home runs a year and an OBP north of .360.

The righty slugger is a career .269/.363/.485 hitter in a decade of big-league ball.