2:25pm: ESPN Boston's Gordon Edes reports that the two sides did in fact come to an agreement today, and Papelbon will earn $9.35MM on a one year deal in 2010. Incentives could put another $150K in the closer's pocket.
1:19pm: WEEI.com's Rob Bradford hears that the Red Sox and closer Jonathan Papelbon may have a one year deal worth $9MM in place. The team may announce that arbitration figures were exchanged, though Bradford expects the deal to get done.
The deal would make Papelbon the ninth highest paid relief pitcher in baseball, just ahead of Brian Fuentes. He earned $6.25MM in 2009, the record for a first year arbitration eligible pitcher. Since breaking into the big leagues in 2005, Papelbon's 1.84 ERA is the second best in the game (behind Joe Nathan) among pitchers with at least as many innings pitched.