5:00pm: Callaspo will earn $4.1MM in 2013 and $4.875MM in 2014, Alden Gonzalez of MLB.com reports (on Twitter). The deal includes standard award bonuses.

4:08pm: The Angels have finalized their two-year, $8.975MM contract with Alberto Callaspo, Ken Rosenthal of FOX Sports reports (Twitter link). Agent Eric Goldschmidt represents the 29-year-old.

The contract buys out Callaspo's final season of arbitration eligibility and his first free agent year. He is now on track to hit free agency following the 2014 season.

The third baseman posted a .252/.331/.361 batting line in 520 plate appearances with the Angels in 2012. In seven seasons at the MLB level, Callaspo has a .335 on-base percentage. He has considerable experience at other positions, but the Angels have relied on him almost exclusively at third since trading for him in 2010.

MLB.com's Alden Gonzalez first reported that the deal was nearly done and Mike DiGiovanna of the L.A. Times first reported the value of the contract.