3:06pm: Jon Heyman of CBS Sports tweets that Axford can earn an additional $1.75MM worth of incentives, making his contract potentially worth $6.25MM.

MONDAY, 2:45pm: Axford's contract guarantees him $4.5MM in 2014 and also contains incentives, according to Ken Rosenthal of FOX Sports (on Twitter). That's $1.2MM less than the $5.7MM salary MLBTR contributor Matt Swartz had projected.

SUNDAY, 9:11pm: The financial terms of the deal are unclear, but MLB.com's Jordan Bastian tweets that it will probably be a one-year contract, noting that Axford has two years of arbitration eligibility after this one.

8:46pm: The Indians will sign reliever John Axford, ESPN's Buster Olney reports. Earlier this evening, FOX Sports' Ken Rosenthal tweeted that the Indians were "focused" on Axford. The righty is represented by Beverly Hills Sports Council.

Axford, who will be 31 in April, posted a 4.02 ERA with 9.0 K/9 and 3.6 BB/9 in 65 innings in 2013, although he got better results after the Brewers traded him to the Cardinals in August for Michael Blazek. Axford's success extended into the postseason, when he allowed one run in 5 2/3 innings spread over six outings. Nonetheless, the Cardinals non-tendered him rather than pay a 2014 salary that would have been inflated as a result of the $5MM Axford made in 2013, his first year of arbitration eligibility.

Axford served as the Brewers' closer for most of the 2010 through 2012 seasons, although he lost that job after a bout of wildness in 2012. Even in 2012, however, Axford struck out 12.1 batters per nine innings, and he still has dominant stuff, with a fastball that averaged 95.3 MPH in 2013. Axford will likely be entrusted with the closer's job in Cleveland, where the Indians were looking to replace the departing Chris Perez.