The Giants and Mets have agreed on a deal that will send Andres Torres and Ramon Ramirez to New York and Angel Pagan to San Francisco, tweets Joel Sherman of the New York Post. The Giants will also receive a player to be named later or cash, according to a team release. The deal was announced by both clubs today.

All three players are arbitration eligible, and Torres in particular was a candidate to be non-tendered next week. Both Torres and Pagan were valuable as regulars in 2010 but struggled in 2011, though the Mets were expected to tender Pagan a contract.

Prior to the Giants' acquisition of Pagan, their outfield was expected to feature Aubrey Huff in left, Melky Cabrera in center, and Nate Schierholtz in right field. Given the defensive inadequacies of Huff and Cabrera, Pagan might be a well-used fourth outfielder in San Francisco. Pagan will be surely be motivated to earn regular playing time, as he's entering his contract year. He projects to earn $4.7MM through arbitration for 2012.

The Mets can potentially control Torres for two years, and MLBTR estimates a salary of around $2.5MM in 2012. He makes for a nice upside play for GM Sandy Alderson. Alderson has also revamped his 2012 bullpen in the course of about an hour. Ramirez is a useful, affordable addition, and the Mets also signed veteran relievers Jon Rauch and Frank Francisco (together again!)

GMs Alderson and Brian Sabean last matched up in late July, when the Mets traded Carlos Beltran and cash to the Giants for pitching prospect Zack Wheeler.

Tim Dierkes contributed to this post.