The Mets have agreed to a one-year deal with Jon Rauch, pending a physical, reports Joel Sherman of the New York Post (via Twitter). Jim Duquette of MLB Network Radio first reported (on Twitter) that a deal has been reached, and also tweets that he hears that it's worth $3.5MM plus performance bonuses.

Earlier today, we had heard that the Mets' search for bullpen help was intensifying, with multiple reports suggesting they could be getting close to an agreement. GM Sandy Alderson also indicated that the club was more likely to sign two moderately-priced relievers rather than one more expensive player. According to Jon Heyman of MLB Network (on Twitter), the Mets continue to work on adding another free agent reliever and completing a multi-player trade.

The Blue Jays, who offered arbitration to the Type B free agent, will receive a compensation draft pick in exchange for losing Rauch.

Andy McCullough of the Star-Ledger (via Twitter) and Adam Rubin of ESPN New York (via Twitter) also contributed to breaking the story, while Bryan Grosnick examines the fantasy implications at CloserNews.com.