UPDATE: Jon Heyman is reporting the two sides have agreed to a deal.

Dennis Lin of the San Diego Union-Tribune has the financial details:

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The San Diego Padres traded closer Joaquin Benoit to the Seattle Mariners this offseason, which created a void in the closer role. The latest rumors suggest they're now close to filling that vacancy.

The Pads and reliever Fernando Rodney are "closing in on a deal," according to Jon Heyman. The right-hander, once the contract becomes official, is "expected to enter spring training as the favorite to become the Padres closer."

Dennis Lin of the San Diego Union-Tribune adds the team has been offering a "low-guarantee with plenty of incentives based on closing games."

Rodney, 38, enjoyed three consecutive All-Star caliber campaigns from 2012-2014 with the Tampa Bay Rays and Seattle Mariners, but he fell apart in 2015 with the M's, was designated for assignment and then traded to the Chicago Cubs in August.

He registered a 5.68 ERA and 1.50 WHIP in 54 games with Seattle and then rebounded with Chicago to post a 0.75 ERA and 1.00 WHIP in 14 games en route to the NLCS.

Assuming Rodney signs with the Pads, he'll join Kevin Quackenbush, the recently signed Carlos Villanueva and others in the bullpen as the hard-throwing Brandon Maurer could possibly shift over to the starting rotation. Rodney has 236 career saves, including 149 over the past four seasons.

The Padres have been linked to Rodney in rumors as of late. Lin reported earlier this week that San Diego wasn't yet out on Rodney and that the team "could offer him a chance to close."

General manager A.J. Preller is likely looking to capitalize on Rodney's value, which is down due to his performance with the Mariners this past season. The right-hander possesses closer capabilities and may have been in line for a nice contract if he didn't struggle so badly in his first 50-plus games of 2015.

Be sure to come back to updates on this development.

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