By Mark Sheldon

UPDATE NO. 2 —

A baseball source has confirmed to MLB.com that the Reds have agreed to terms late Tuesday on a one-year, $10 million contract with free agent closer Ryan Madson.

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Well — this is an about face from the last blog post and a story that I wrote for MLB.com…

According to several reports, the Reds have agreed to terms late Tuesday on a one-year contract with free agent closer Ryan Madson. CBSSports.com’s Jon Heyman reported it first. I am still trying to confirm this myself and have several calls out.

Citing sources, Heyman earlier in the evening that talks between the two sides were heating up and in the serious stages. However, a source familiar with the situation had downplayed the report to MLB.com, saying it was unlikely the Reds would get Madson unless his agent — Scott Boras — came well off the demand of a four-year, $44 million contract he had been reportedly been wanting.

And with this seeming to be a one-year deal for Madson, that certainly appears to be the case.

The Reds have not announced any agreement. A message was left with general manager Walt Jocketty.

**UPDATE: According to Bob Nightengale of USA Today, the deal is worth in excess of $10 million. So, wow. That’s a big jump from the Reds have seemingly indicated they had to spend. Of course, it says even more than the Latos/Marshall trades how bad they want to win the NL Central in 2012.