11:36am: The Braves officially announced the Wagner signing, tweets MLB.com's Mark Bowman. That implies he passed his physical.
1:28am: The Braves have agreed to sign Billy Wagner, according to Ken Rosenthal of FOX Sports. The deal is worth $7MM and includes a $6.5MM option for 2011 that vests if Wagner finishes 50 games.
The Red Sox offered the lefty arbitration tonight, so they stand to gain the Braves' first round pick in next year's draft (#20), plus a supplemental rounder. The move is pending a physical, which could be more than a formality in this case. The 38-year-old returned from Tommy John surgery last year to strike out 15 batters per nine innings in 17 appearances with the Mets and Red Sox.
The Elias numbers rank John Lackey, Matt Holliday, Marco Scutaro and Jose Valverde ahead of Wagner, so if the Braves sign one of those players, the Red Sox would get the Braves' 52nd overall selection.