11:56am: The deal is expected to be formalized after Madson takes his physical later today, reports MLB.com's Alden Gonzalez (on Twitter). It is a low-base salary, incentive-laden contract.
7:18am: The Angels are nearing an agreement with free agent right-hander Ryan Madson, Jon Heyman of CBSSports.com reports. The sides appear to be nearing a one-year deal that would make Madson the Angels' new closer.
Madson, a client of the Boras Corporation, missed the 2012 season to undergo Tommy John surgery. In parts of nine seasons with the Phillies from 2003-11 the 32-year-old posted a 3.59 ERA with 7.8 K/9, 2.7 BB/9 and a 47.7% ground ball rate. His numbers improved once he settled into a late inning relief role, and he evolved into an impact closer by 2011, when he posted a 2.37 ERA with 9.2 K/9, 2.4 BB/9 and a 48.8% ground ball rate in 60 2/3 innings. The Long Beach, California native had an average fastball velocity of 94.0 mph in 2011, his last full season before undergoing Tommy John surgery.
The Angels had been looking for relief help, but didn't want to commit significant long-term dollars for a closer. GM Jerry Dipoto told the LA Times earlier this offseason that spending big on relievers is like "going to Las Vegas and throwing it down on double-zero green." Assuming the Angels rely on Madson as their closer, Ernesto Frieri would move into a setup role.
The Phillies and Reds also showed interest in Madson, according to Heyman. Madson's contract with the Reds included an $11MM mutual option for 2013, which he declined in favor of a $2.5MM buyout.
Mike Axisa contributed to this post. This post was first published on November 27th.