UPDATE, 12:22 p.m.: Any offer to Madson may be held up in the highest levels of the Phillies' organization. SI.com's Jon Heyman reports that team president David Montgomery has not OK'd the deal. Fox Sports' Ken Rosenthal says the Phillies are "reconsidering options" with Madson and the closer spot. While it appears any finalized deal may be a ways away, the endgame here still figures to have Madson returning to Philly, as options such as Jonathan Papelbon would likely command an even higher salary.

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EARLIER:

The Philadelphia Phillies are prepared to give their own closer, Ryan Madson, one of the largest contracts for a reliever in baseball history.

Madson, who only seized the closer's role in Philadelphia this past May, is close to agreeing to a four-year, $44 million deal with the club, according to Yahoo's Tim Brown.

Brown later clarified that the deal is close, but not done yet.

The Phillies also were negotiating with Boston Red Sox free agent Jonathan Papelbon at the same time they were hammering out a deal with Madson, according to CSN Philadelphia.

But given how Madson and the Phillies set the financial bar for relievers this off-season, Papelbon is probably pretty confident he, too, will cash in.

Only four relievers have been guaranteed more money over a single contract than the proposed Madson deal:

B.J. Ryan received a five-year, $47 million deal from the Toronto Blue Jays before the 2006 season.

Mariano Rivera signed a three-year, $45 million deal to stay with the Yankees from 2008-2010.

Joe Nathan signed a four-year, $47 million extension with the Minnesota Twins covering 2008-2011.

Francisco Cordero signed a four-year, $46 million deal with the Cincinnati Reds covering 2008-2011.

Save for Ryan, those relievers had far more of a track record as a closer than Madson. Though featuring occasionally dominant stuff -- he has a lifetime 7.8 strikeouts per nine innings -- Madson failed to seize the Phillies' closer job on several occasions when injuries felled incumbent Brad Lidge or others.

This April, the Phillies opted for Jose Contreras in the ninth inning over Madson, until Contreras, too, was sidelined by injury.

That's when Madson took the ball and ran with it, racking up 10 saves in May and finishing with his finest season yet: 32 saves, a 2.37 ERA and 62 strikeouts in 60 2/3 innings.

Still, is it enough to justify a $44 million contract? The Phillies, second only to the Yankees in payroll, can certainly afford to throw money around, but they do have some fiscal concerns this winter, as shortstop Jimmy Rollins and left fielder Raul Ibanez are free agents.

What's more, first baseman Ryan Howard will miss a significant portion of the season after suffering an Achilles' heel injury at the conclusion of the playoffs, and adding Jim Thome likely won't replace all of Howard's offense.

For now, it appears they have one question answered -- who pitches the ninth inning.

And thanks to Madson and the Phillies, Papelbon, Heath Bell, Francisco Rodriguez and other relievers can count on a very lucrative winter.