4:04pm: Ogando passed his physical, tweets Cafardo. He’s likely to serve as a seventh-inning option for Boston.

3:11pm: Bob Nightengale of USA Today tweets that there are an additional $1.5MM worth of roster bonuses and performance incentives in the deal.

3:05pm: Ogando’s deal is worth a guaranteed $1.5MM, tweets Rosenthal. He adds that Ogando can earn more via incentives.

2:44pm: The Red Sox and right-hander Alexi Ogando are in agreement on a one-year, Major League contract, tweets Ken Rosenthal of FOX Sports. Nick Cafardo of the Boston Globe had just tweeted that the two sides were “moving along,” and colleague Alex Speier added that they were nearing a Major League deal. The deal is pending a physical, per Rosenthal. Ogando is a joint client of Reynolds Sports Management and Draft Pix Sports.

The Rangers non-tendered Ogando this Deceber rather than pay him a projected $2.6MM due largely to concerns over his health. For that reason, the physical on this deal would not seem to be a slam dunk; Ogando battled nerve damage and inflammation in his shoulder as well as a biceps issue in 2013. In 2014, he was limited to just 25 innings of work thanks to a sprained ulnar collateral ligament in his throwing arm.

Suffice it to say, the risk with Ogando is considerable, however the upside is tantalizing. In four seasons with the Rangers from 2010-13, Ogando pitched to a 3.12 ERA with 7.2 K/9 and 2.8 BB/9 in 381 innings as both a starter and a reliever. Ogando’s fastball averaged 96-97 mph when he was at his best with the Rangers in the first three seasons of his career, but his arm issues over the past two season dropped that heat to about 93.5 mph. If he’s healthy and his velocity returns, Ogando can provide the Red Sox with a weapon out of the ’pen or perhaps another option for the rotation, though the picture is fairly crowded on that front. Boston has the added benefit of controlling Ogando through the 2016 season via arbitration, should he perform well enough to merit that scenario.