12:06pm: MLB.com's Mark Sheldon tweets the contract details: $3MM in 2010, with the vesting option worth $3.25MM.
9:59am: The Reds re-signed catcher Ramon Hernandez to a one-year deal, according to Ken Rosenthal of FOX Sports. Rosenthal says the deal includes a 2011 option that vests with 120 games played in '10. The dollars are not yet known, but the Reds had declined Hernandez's $8.5MM option for next year.
Hernandez, 33, hit .258/.336/.362 in 331 plate appearances this year for Cincinnati after coming over in a December trade from the Orioles. He missed time with arthroscopic knee surgery. Hernandez was out-hit by his backup Ryan Hanigan, and I was surprised to see the Reds' eagerness to re-sign the veteran given their tight payroll.