12:18pm: MLB.com's Todd Zolecki reports that the deal is official.
11:44am: Stark reports that the deal will be complete once Polanco passes a physical.
9:35am: MLB.com's Todd Zolecki hears that the Phils are close to signing Polanco to a three-year deal worth $18MM. The contract, which is pending a physical, includes a mutual option for 2013.
8:44am: Stark hears indications that the sides are discussing a three-year deal.
THURSDAY, 8:23am: Rob Bradford of WEEI.com hears that Polanco is "close" to a deal with the Phillies.
8:57pm: ESPN.com's Jayson Stark classifies Philadelphia's talks with Polanco as "very serious" and Ken Rosenthal and Jon Paul Morosi of FOX Sports concur. A source "with knowledge of the Phillies' intentions" tells the FOX duo that the NL champs could offer Polanco a two-year deal worth between $10MM and $12MM.
7:18pm: Now that signing Polanco won't mean parting with draft picks, one team after another is being linked to the infielder. Todd Zolecki of MLB.com reports that the Philadelphia Phillies are focusing on Polanco for their third base opening, as opposed to Adrian Beltre or Mark DeRosa. Zolecki acknowledges Houston's and Boston's interest, but writes that "it appears the Phillies are further down the line in their pursuit."
7:08pm: MLB.com's Brian McTaggart reports that Polanco has also "drawn serious interest" from the Houston Astros.
WEDNESDAY, 5:32pm: The Boston Red Sox have expressed interest in Placido Polanco, according to MLB.com's Ian Browne. A source tells Browne that the Tigers' decision not to offer Polanco arbitration yesterday landed the second baseman on Boston's radar.
Polanco doesn't seem like a fit for the Red Sox unless the team asks Dustin Pedroia about playing shortstop, as has been rumored. If Pedroia moved to short, the Sox could sign Polanco for second base without having to give up any draft picks, whereas signing a Type A shortstop like Marco Scutaro would cost the club their first-rounder. Browne notes that Pedroia has said he "would welcome" a move to the left side of the infield.
As Nick Cafardo of the Boston Globe indicated earlier, and Tim reiterated today in our Red Sox offseason outlook, switching Pedroia's position is probably a last resort. It looks like the team is keeping all their options open though.