- Associated Press - Wednesday, January 11, 2012

A person familiar with the deal says free-agent closer Ryan Madson and the Cincinnati Reds have reached an oral agreement on an $8.5 million, one-year contract.

Madson saved 32 games in 34 chances last year for NL East champion Philadelphia. CBSSports.com was the first to report the right-hander’s agreement with Cincinnati.

The contract is subject to a written agreement and a physical, according to the person who spoke to The Associated Press on Tuesday night on condition of anonymity because the deal has not been finalized.

Madson replaces Francisco Cordero as the closer in Cincinnati. Cordero remains a free agent.

Madson nearly re-signed with the Phillies, but a $44 million, four-year deal collapsed in November and days later Philadelphia reached a $50 million, four-year contract with closer Jonathan Papelbon.

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