3:53pm: The deal guarantees Cedeno $1.15MM and includes $850K in performance bonuses, Rosenthal reports (on Twitter).
Cedeno played for the Mets last year, appearing in 78 games, mostly as a middle infielder. The 29-year-old posted a .259/.332/.410 batting line in 186 plate appearances with New York. He earned $1.2MM, and has earned between $1-2MM in each of the last three seasons. Multiple teams expressed interest in Cedeno, but the identity of other interested teams remains unknown.
Jon Heyman of CBSSports.com first reported the Cardinals' interest and that the sides were nearing a deal.