10:35pm: Andy Martino reports that the Phillies signed Pedro.
8:39pm: MLB.com's Todd Zolecki has confirmed that a press conference introducing Pedro as a member of the Phillies will take place tomorrow.
6:26pm: Gordon Edes, who first broke the news on Pedro's successful physical, now has a full story up on Yahoo! Sports. It's a nice roundup of the events leading towards Wednesday's press conference.
5:32pm: Martino reports the deal is worth around $1MM, with another $1.5MM in incentives. The Phillies are expected to make it all official with a press conference tomorrow.
4:41pm: Pedro Martinez passed his physical with the Phillies and is expected to sign a deal with the defending World Champions soon, according to Yahoo's Gordon Edes.
Phillies GM Ruben Amaro Jr. had no comment on Edes' report, according to Andy Martino of the Philadelphia Inquirer.