As per Ken Rosenthal on Twitter, the Pirates have reached terms with Russell Martin, pending a physical. We will continue to flesh this out with more details about the terms of the deal as they become available.
UPDATE 8:46 p.m. -- Rosenthal tweets, via David Waldstein, that Martin's contract is 2 years/$17M. If confirmed, that is for a higher average annual value than the original rumor of 3 years/$24M, but the shorter term plays better for the Pirates and their need to evaluate Tony Sanchez at the Major League level.
UPDATE 9:45 PM: A few conflicting reports on whether the Yankees made an offer.
Olney also notes that Texas was in on the bidding.
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