UPDATE - Lohse's new deal with the Brewers is for three years and $33 million guaranteed, according to Bob Nightengale of USA Today. ESPN's Jerry Crasnick notes there could be some performance bonuses included in the contract.
UPDATE - Tim Brown of Yahoo! Sports reports the deal has is not yet complete, as Lohse still needs to take his phyiscal. He adds that it's a multi-year contract.
ORIGINAL - The Milwaukee Brewers have signed Kyle Lohse, according to Jon Heyman of CBS Sports.
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Heyman adds that Lohse is heading to Brewers' spring-training camp to take his physical, which would likely finalize the agreement. No word on contract details yet, but Lohse and his agent -- Scott Boras -- were said to be seeking a "big" three-year contract and more recently a deal with an average annual salary of $14-15 million.
Lohse was far and away the top free agent remaining. He will require draft-pick compensation to sign, so the Brewers will have to forfeit their first-round selection in next June's draft to the St. Louis Cardinals.
Milwaukee will surrender the 17th-overall pick, while the Cardinals will gain the 28th-overall pick.
Lohse spent the past five seasons with the Cards after signing with the club pior to the 2008 campaign. He was up and down over his first three years in St. Louis, but he's been one of the more consistent starters in baseball over the past two seasons.
Last year over 33 starts, Lohse maintained an ERA of 2.86 with a strikeout-to-walk ratio (SO/BB) of 3.76. These totals earned him consideration for the National League Cy Young Award. Over 12 seasons in the majors, the 34-year-old owns a career ERA of 4.45 with a 2.19 SO/BB.
The Brewers were poised to enter the season with several questions in their starting rotation beyond Yovani Gallardo. Lohse would provide them with another veteran presence atop their rotation.