2:07pm: LEN3 has details. He says it’s $11.25MM per year for 2008-11. He’s unsure of the amount of the 2012 option, but it has a $2MM buyout. Since Nathan was set to earn just $6MM in ’07, it seems that’s been overwritten or increased.
1:19pm: MLB.com reports the deal as done. It’s a three-year extension with a club option for a fourth.
MONDAY, 8:22am: La Velle E. Neal III says only minor details remain on Nathan’s extension. They still need to figure out what to do about a no-trade clause. Buster Olney says the deal will have "significant no-trade provisions."
SATURDAY: ESPN’s Buster Olney (Insider required) reveals in his blog that the Twins have all but re-signed Joe Nathan to a four-year deal, paying $11-12MM per.
Olney considers this a surprising move for a mid-market team. It’s particularly unusual for the Twins, as they re-signed Justin Morneau earlier in the year (and Joe Mauer last year), but couldn’t hold on to Torii Hunter or Johan Santana.