Hank Blalock and the Rays have agreed to terms on a minor league deal worth $925K, plus $350K in incentives. The deal will allow Blalock to opt out if he's not in the majors, according to Jon Heyman of SI.com.
Marc Topkin of the St. Petersburg Times reported (via Twitter) that the sides were near a deal and added that the deal should be finalized soon (via Twitter). Heyman reported that Blalock was deciding between the Rays and Marlins and later added that the infielder was in "serious talks" with the Rays before noting the specific details (all Twitter links).
The Scott Boras client will make substantially less than the $6MM the Rangers paid him last year. The Marlins were the only other team linked to Blalock recently, but apparently did not make an offer. Blalock told the Tampa Tribune (Twitter link), "Well, I didn't have any other choice. So that's why I'm here." Joe Smith of the St. Petersburg Times tweets that Blalock's opt-out clause is for April 1st.
Blalock, 29, hit .234/.277/.459 last year with the Rangers, adding 25 homers. Blalock, who hasn't played more than 39 games at third since 2006, split his time between first base and DH in 2009.