Orioles nearing agreement with Balfour (deal done)

The Orioles are on the verge of making their first impact move of the offseason.

According to industry sources, the Orioles are nearing an agreement with free-agent closer Grant Balfour on a two-year deal.

One source says Balfour will receive $14 million over two years, plus $500,000 deferred each year.

The agreement will become official later today.

Balfour reportedly had a higher-paying offer from another club - believed to be two years with a vesting option - but clearly preferred to sign with the Orioles.

The buzz over Balfour joining the Orioles intensified this morning, and FOX Sports reported that the sides were approaching an agreement a two-year deal.

The timing is right following news that second baseman Brian Roberts is signing a one-year, $2 million deal with the Yankees that includes incentives. The Orioles already have traded closer Jim Johnson and watched left fielder Nate McLouth (Nationals) and starter Scott Feldman (Astros) leave as free agents.

More to come.

Update: The Orioles haven't announced the deal, but it's done pending a physical. They likely will wait until the results come back.

The total value is $15 million, including the deferred money.

Balfour has gone 62-for-67 in save situations the past two seasons.

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