2:38pm: Via Colleen Kane of the Chicago Tribune (on Twitter), the White Sox have announced the signing of Paulino to a one-year deal worth $1.75MM. His contract contains a $4MM club option with a $250K buyout.
The 30-year-old hasn't pitched in the Majors since undergoing Tommy John surgery in 2012. He did toss 27 2/3 innings for the Royals' minor league affiliates in 2013, posting an unsightly 6.51 ERA. However, Paulino is a high-upside arm that comes with little risk for White Sox GM Rick Hahn. Paulino pitched to a 3.86 ERA with 8.7 K/9 and 3.6 BB/9 in 177 innings for the Rockies and Royals from 2011-12. Sabermetric stats like FIP (3.54) and xFIP (3.93) suggest that from 2010-12, Paulino was vastly better than his ERA would indicate.