THURSDAY, 10:07am: Aceves gets a $35K signing bonus with his deal, tweets Joel Sherman of the New York Post. The incentives are tied to appearances and games started, Sherman adds.

The contract also includes two opt-out clauses, Sherman further reports (on Twitter). If he is not on the MLB roster by March 28, he must be released within 48 hours. Likewise, if Aceves is not on the MLB roster as of June 30, he must be released within 72 hours.

WEDNESDAY, 2:47pm: Aceves would make a guaranteed $1.2MM if he makes the Orioles roster, tweets Bob Nightengale of USA Today. His deal also includes incentives that could raise its value to $3MM.

2:19pm: The Orioles have reached agreement with free agent pitcher Alfredo Aceves on a minor league deal with a Spring Training invite, reports MLBTR's Tim Dierkes (via Twitter). Aceves could work from the pen or make a run at a rotation spot, Dierkes adds. The righty is represented by O'Connell Sports Management.

Aceves, 31, will stay in the American League East after spending three seasons apiece with the Yankees and Red Sox. Last year, throwing for Boston, Aceves managed a 4.86 ERA in 37 innings, including six starts and five relief appearances. In 51 innings at Triple-A, mostly as a starter, Aceves notched a 4.06 ERA.

Aceves has had several very productive stretches throughout his career — including a 114-inning, 2.61 ERA campaign in 2011 — but has not yet harnessed his talent consistently. In 2012, his last full season of MLB action, Aceves started out as Boston's closer (he notched 25 saves on the year) but ended the campaign with a 5.36 ERA in 84 innings. Nevertheless, his FIP (4.33) and xFIP (4.36) put a more positive spin on that year, as does his solid 8.0 K/9 against 3.3 BB/9.