Free agent closer Emilio Pagán has agreed to return to the Cincinnati Reds on a $20 million, two-year contract, two people familiar with the negotiations told The Associated Press on Wednesday night.

The people spoke to the AP on condition of anonymity because the deal was pending a physical and had not been announced.

Pagán would have the right to opt out of the contract after the 2026 season.

The 34-year-old right-hander became the Reds' closer early last season and went 2-4 with a 2.88 ERA and a career-high 32 saves in 38 opportunities. He ranked second in the National League in saves and tied for fifth in the majors.

Pagán is 28-27 with a 3.66 ERA and 65 saves in nine major league seasons with Seattle, Oakland, Tampa Bay, San Diego, Minnesota and Cincinnati.

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