10:24am: Troy Renck of the Denver Post has details on the $7.6MM deal:
Encarnacion will receive $2MM this season and $4.75MM in 2010 with an $850K signing bonus payable between March 29 and November 2009. Also will get $25K for 600 plate appearances.
9:32am: Hal McCoy of the Dayton Daily News believes the deal is worth $5MM.
8:30am: According to John Fay of the Cincinnati Enquirer, the Reds agreed to a two-year deal with third baseman Edwin Encarnacion. The sides had been $1.15MM apart on his '09 salary. He'll still have one arb year (2011) before free agency.