3:57pm: Ken Rosenthal of FoxSports.com has the contract details. Saito will earn a $3.2MM base salary with another $2.3MM in incentives. Interestingly, all but $500K of the incentives are based on games finished, which should be Wagner's department.
2:20pm: MLB.com's Mark Bowman says the deal will be announced during a 4:30pm ET press conference at turner Field.
1:16pm: Danny Knobler of CBSSports.com reports that free agent reliever Takashi Saito is close to signing a one year deal worth $3MM with the Braves.
Saito, 40 in February, had a 2.43 ERA with 52 strikeouts in 55.2 innings with the Red Sox last season. He has a 2.05 ERA with a 10.9 K/9 in his four years in MLB. Atlanta was rumored to be looking for a setup man to complement new closer Billy Wagner, especially with Rafael Soriano and Mike Gonzalez likely headed for greener pastures.