- Associated Press - Tuesday, January 1, 2013

ST. PETERSBURG, FLA. (AP) - A person with knowledge of the deal says AL Cy Young Award winner David Price and the Tampa Bay Rays have agreed to a one-year contract worth just over $10 million, avoiding arbitration.

The person spoke Tuesday night on condition of anonymity because the team had not yet made a formal announcement. Price earned $4.35 million last season, when he went 20-5 with an American League-low 2.56 ERA.

The hard-throwing left-hander barely beat out Detroit’s Justin Verlander to become Tampa Bay’s first Cy Young winner. He tied Jered Weaver for the league lead in wins and winning percentage and was sixth in strikeouts with 205 in 211 innings.

The Rays are expected to announce the deal with 27-year-old, three-time All-Star later this week.