The best available closer on the free-agent market agreed to a deal with the Philadelphia Phillies, pending a physical, according to Jim Salisbury of CSN Philly.
Sports Illustrated’s Jon Heyman confirmed the deal.
Salisbury reported the deal is for four years and is worth close to $50 million.
The Phillies were reported to have been closing in on a deal with their own closer, Ryan Madson, worth $44 million over four years. Those discussions, however, stalled.
Papelbon, 30, made $12 million last season. He converted 31 of 34 save chances in what was one of his best seasons, posting a 0.933 WHIP and a 2.94 ERA.
Papelbon is a Type A free agent, meaning the Red Sox will get the Phillies’ first-round draft pick.
The Red Sox have options to fill the closer position. Set-up man Daniel Bard is already on the roster, as is former closer Bobby Jenks. On the free-agent market, Madson, Heath Bell and Francisco Rodriguez remain available.