The Los Angeles Dodgers are reportedly the close to signing free agent pitcher Randy Wolf.

The longtime Phillie spent the 2007 season with the Dodgers winning 9 games with a 4.73 ERA, making just 18 starts due to injury. Last year the lefty split time between the Padres and the Houston Astros and putting up a 3.57 ERA with the ‘Stros.

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The New York Mets and Yankees are reportedly the favorites to land free agent pitcher Freddy Garcia who is seeking a guaranteed deal despite having only pitched 73 innings combined in the past two seasons.

Garcia, who topped 200 innings pitched in the 04-06 seasons, had shoulder surgery in 2007 and returned to action in September of last year, making three starts for the Detroit Tigers going 1-1 with a 4.20 ERA over 15 innings.

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I’m a bit behind on the rumor and trade news so I’ll try to catch you up today.

The Mets, Mariners, and Indians got together on a three team deal that sent a total of 12 players to new teams.

The Mets acquired former All-Star closer JJ Putz, outfielder Jeremy Reed, and reliever Sean Green while giving up Aaron Heilman, Endy Chavez, Jason Vargas, Joe Smith, and three minor leaguers. Putz figures to slide into the setup role for newly signed closer Francisco Rodriguez. With two top flight closers finishing out games, the Mets hope to avoid the late inning collapses that plagued them last year.

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Several sources are reporting that the New York Mets have signed free agent closer Francisco Rodriguez to a three year deal worth $37 million with a vesting option for a 4th year at $14 million. The former Angels closer had originally been seeking a 5 year deal worth $75 million and his signing may be the strongest signal yet of the impact the economy is having on the free agent market.

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Teams have until midnight eastern time tonight to extend offers of arbitration to their free agents and I’ll be updating this page as often as news becomes available about teams’ arbitration actions.

Update

The offers are all in, and according to the AP only 24 players were offered arbitration. The list is as follows:

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The injury riddled outfield of the New York Mets received some reinforcements over the weekend when the club dealt for journeyman Trot Nixon from the Arizona Diamondbacks. Nixon had been playing for Arizona’s Triple-A club but will be looking to resurrect his major league career for the Mets. The move was brought about by injuries [...]

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The New York Mets have reportedly landed All Star pitcher Johan Santana in exchange for 4 top tier prospects. Santana still has to approve the trade due to his no trade clause, however, it’s expected that he will do so once the Mets agree to a contract extension for the Cy Young award winner. The [...]

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The list of teams interested in non-tendered Mark Prior is getting longer by the day. We already knew the list included the likes of the Reds, Astros, Padres, Nationals, and Rangers but today the Star Ledger is reporting that both New York teams are interested as well. Prior is still coming back from injury but [...]

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ESPN.com is reporting that the Washington Nationals have signed free agent catcher Paul Lo Duca to a one year deal. The deal will keep the veteran catcher in the NL East where he spent the last two seasons with the New York Mets. Financial details of the deal have not been disclosed (read as I [...]

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Every newspaper on the east coast is reporting that the Yankees are in talks with the Twins about a trade for Santana (Johan not Carlos) but the price for the two-time Cy Young Award winner will be steep (Hughes and Cabrera?) since the Mets, Red Sox and Dodgers are also reportedly interested.

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