5:05pm: Nakajima receives a two-year deal worth $6.5MM and a club option for a third year at $5.5MM, according to Susan Slusser of the San Francisco Chronicle. The deal contains "numerous incentives and escalators," according to Slusser (Twitter links).

4:45pm: The Athletics have agreed to sign shortstop Hiroyuki Nakajima, Jon Heyman of CBSSports.com reports (on Twitter). Ken Rosenthal and Jon Paul Morosi of FOX Sports first reported the sides were nearing a deal (Twitter links). Nakajima, a free agent, also had offers to return to Japan, according to the FOX Sports writers. The A's have announced that a news conference will take place tomorrow.

When Nakajima was available via the posting system last winter, the Yankees submitted the winning bid. However, the sides did not reach a deal, and instead Nakajima returned to the Seibu Lions on a one-year, $3.64MM contract.

Nakajima, 30, posted a .311/.382/.451 batting line for the Lions in 2012. The right-handed hitter has a similar career mark of .310/.381/.474. He'll replace Stephen Drew as the Athletics' starting shortstop in 2013. Drew recently agreed to terms with the Red Sox on a one-year contract.