Red Sox, Wakefield Finalize Two-Year Contract

6:23pm: Full details of Wakefield's contract are here, courtesy of Alex Speier of WEEI.com.

4:29pm: The team has confirmed the signing, according to FoxSports.com's Ken Rosenthal and Jon Paul Morosi. Bradford, meanwhile, has some quotes from Wakefield, who admitted to being a little disappointed that they wanted to cut his guarantee, "but in the long run they’re at least guaranteeing me another year.”

1:48pm: Bradford confirmed in an email that the deal has been finalized.

1:28pm: WEEI.com's Rob Bradford says the new deal will guarantee Wakefield $5MM ($3.5MM in 2010, $1.5MM in 2011), with incentives that could push the total value of the deal up to $7MM.

1:26pm: The Red Sox have held (and exercised) a perpetual $4MM option for knuckleballer Tim Wakefield since 2005, but now Tony Massarotti of The Boston Globe reports that the two sides are renegotiating the deal after Wakefield had surgery to remove disc fragments from his back.

Massarotti says the two sides are close to an agreement on a two-year deal with a lower base salary, but incentives that will give Wakefield the chance to earn the same money if he stays healthy. The 43-year-old has made 20+ starts for the Sox for the last seven years, and he's just 17 wins behind Roger Clemens and Cy Young for the franchise record of 192 wins.