9:14pm: David O'Brien of the Atlanta Journal Constitution has also heard that the deal will be worth approximately $9MM per season, or around $27MM over three seasons.
6:39pm: Mark Bowman of MLB.com believes the new three-year deal "will likely be worth $24-27 million."
5:22pm: According to FOXSports.com's Ken Rosenthal, veteran right-hander Tim Hudson is expected to sign a three-year extension with the Braves by the end of this week.
"It will be a shocker if something doesn't get finished in the next three or four days," said Rosenthal's major league source.
Hudson spent most of the 2009 season recovering from Tommy John surgery, but went 2-1 with a 3.61 ERA and a 30/13 K/BB ratio in seven starts once he rejoined the Braves. The 34-year-old had a $12MM mutual option sitting on 2010, so the new deal is probably structured around that figure as an annual salary. He has 148 career wins and a 3.49 career ERA.
Rosenthal believes the Braves might decide to trade one of their other veteran arms -- "most likely right-hander Javier Vazquez or right-hander Derek Lowe" -- for a hitter.