The New York Yankees signed free-agent relief pitcher Rafael Soriano, who led the American League with 45 saves last season for the Tampa Bay Rays, the New York Post said, citing a person with knowledge of the negotiations.
The agreement, which is pending a physical, is worth $35 million for three years, the Post said.
Soriano, 31, joins a bullpen that includes Mariano Rivera, who had 33 saves last season and is 42 saves behind Trevor Hoffman, who two days ago announced his retirement with a Major League Baseball record 601.
The contract gives right-hander Soriano $10 million for this year, $11 million in 2012 and $14 million in 2013, the Post said. The second and third years are player options with $1.5 million buyouts if Soriano decides to leave the Yankees.
The Yankees surrendered a first-round draft pick to the Rays in signing Soriano.