Mets sign Francisco Rodriguez -- pending physical

According to a the Associated Press, the Mets and free agent Francisco Rodriguez have agreed to a three-year deal, with a vesting option for a fourth year.

The deal is supposedly worth $37 million, plus incentives.

The vesting option would likely be triggered by innings pitched or saves converted and is worth $14 million.

Update - 3:44 pm: News on the vesting option, via Ken Rosenthal.

That vesting option is within reach as long as Rodriguez pitches his normal number of innings as a closer, either in the third year of the deal or in a combination of years two and three. "Basically, he's just got to be healthy," one source said.

Joel Sherman claims that K-Rod may be in New York as early as Wednesday for his physical with the team.

Again, that is three-year, $37 million deal with a $14 million vesting option for a fourth year.

Let's make sure all the parts work the same before we begin to sing his praises as a member of the Mets. Don't want to be the party-pooper here, but let the Mets doctors get their hands on him to see if all is in working order.

Update - 4:06 pm: The Mets have the 25th pick in the first-round of the First Year Player Draft, which will be heading into the Angels hands with this signing. They will also receive a supplemental pick.

If the Mets happen to sign another Type A player who was offered arbitration, the picks are divvied out to the appropriate teams by the caliber of the players signed.