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Source: Reds, Ryan Madson have deal

Updated: January 11, 2012, 1:13 PM ET
By Jerry Crasnick | ESPN.com

The Cincinnati Reds and former Phillies closer Ryan Madson have agreed to a one-year, $8.5 million deal, according to a source.

Madson, 31, was 47-30 with a 3.59 ERA in eight career seasons with the Philadelphia Phillies. He went 4-2 with a 2.37 ERA and 32 saves in 2011 after taking over for the injured Brad Lidge as Philadelphia's closer.

Madson's contract with the Reds includes a mutual option with a buyout, a source told ESPN.com's Jayson Stark. Although the Reds expect Madson ...

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