Original Post: 3:05 PM

The New York Mets agreed to a three-year deal with free-agent closer Francisco Rodriguez, a source told ESPN on Tuesday.

Rodriguez’s deal, worth $37 million plus additional incentives, is pending a physical. It is a one-year increase over the two years and $24 million the Mets are said to have initially offered the closer, who broke the major league single-season saves record last season with 62.

Joel Sherman of the NY Post adds the following,

He must pass a physical for the deal to proceed, and he may be in New York for it as early as Wednesday.

You have to give a lot of credit to K-Rod for not playing games, the way C.C. Sabathia has been playing with the Yankees.

Once again, Omar Minaya has gone out and got the top guy at a position the Mets desperately needed to upgrade.

It looks like we’re going to have a very happy Holiday season Mets fans! 

Update – 3:55 PM

Minaya is already speaking to reporters and a press conference could be forthcoming.

Also, the 3-Year deal includes a $14 million dollar vesting option for a 4th year.

Update – 4:16 PM

ESPN will be televising a 6:00 PM press conference where Omar Minaya will speak to reporters and answer questions about the K-Rod negotiations. 

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I'm a lifelong Mets fan who loves writing and talking about the Amazins' 24/7. From the Miracle in 1969 to the magic of 1986, and even the near misses in '73, '00 and '15, I've experienced it all - the highs and the lows. I started Mets Merized Online in 2005 to feed my addiction and interact with other passionate Met fans like you. Follow me on Twitter @metsmerized.