The Reds and Jonathan Broxton have reached agreement on a three-year deal, the team confirmed. The contract is worth $21MM, Ken Rosenthal of FOX Sports reports (Twitter links). The deal will pay Broxton $4MM in 2013, $7MM in 2014 and $9MM in 2015. It also includes a $9MM club option for 2016 with a $1MM buyout. If the Reds trade Broxton, the guarantee increases to $22MM, with the 2016 option becoming a mutual option with a $2MM buyout. The Jet Sports Management client is ranked 45th on MLBTR's list of top 50 free agents.

Broxton is expected to serve as the Reds' closer, enabling them to shift Aroldis Chapman to the starting rotation. The 28-year-old posted a 2.48 ERA with 7.0 K/9, 2.6 BB/9 and a 53.8% ground ball rate in 58 relief innings last season. Broxton was limited to just 14 games in 2011 but underwent successful arthroscopic elbow surgery in September of that year and had an average fastball velocity of 94.7 mph this past season.

The Reds were also said to be looking at a pair of free agent relievers coming back from injury in Joakim Soria and Ryan Madson. However, Madson was scooped up earlier today by the Angels when the two sides agreed to a one-year deal.

Jon Heyman of CBSSports.com first reported the agreement.