Free agent closer Jonathan Papelbon has come to terms with the Philadelphia Phillies, according to Jim Salisbury of Comcast Sports Philadelphia.
Sources tell Salisbury that Papelbon's contract will approach $50 million for four years, pending a physical. The soon-to-be 31-year old closer has compiled a 2.33 ERA and 219 saves during seven big league seasons, all spent in Boston. He posted a 2.94 ERA and 31 saves during the 2011 season.
The Phillies had reportedly been very close to retaining closer Ryan Madson on Monday, but ESPN cited sources who said the negotiations with Madson splintered. The team had been in contact with Papelbon since the free agency period began at 12:01 a.m. on Nov. 6, and their interest in Papelbon reportedly "never waned."
Because of Papelbon's status as a type A free agent, the Phillies will need to surrender their top draft pick to Boston.