UPDATE: According to CBS Sports’ Jon Heyman, the Orioles and Jimenez agreed to a four-year, $50 million deal.

6:53 p.m. ET: FOX Sports’ Ken Rosenthal reports that the Orioles and Jimenez have reached agreement on a deal, pending a physical.

6:23 p.m. ET: After sitting on the sidelines for most of the offseason, the Orioles finally appear ready to make a big splash.

Roch Kubatko of MASNSports.com reports that the Orioles have made “substantial progress” in contract talks with free agent right-hander Ubaldo Jimenez and are working to finalize a deal. The contract, if finalized, is believed to be for four years and around $48 million.

Jimenez hoped to land a monster contract this offseason after his monster second half last year, but things haven’t turned out exactly as planned. Surely many teams weren’t convinced that a handful of excellent starts were enough to make a substantial investment — it looks like he’ll end up getting a similar contract to Ricky Nolasco (Twins) and Matt Garza (Brewers) — but it also didn’t help that he was attached to draft pick compensation. The Orioles have also been linked to Ervin Santana in recent weeks, but Jimenez has more upside if his second half is a sign of things to come. For a team with a brief window to win with their current roster, they might as well shoot for the moon here. Of course, the bust potential is pretty big, too.

The Orioles will surrender their first-round pick (No. 17 overall) and the corresponding draft pool money if they sign Jimenez. He would join a starting rotation which also projects to include Chris Tillman, Wei-Yin Chen, Bud Norris, and Miguel Gonzalez.

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