The Cincinnati Reds have reportedly agreed to terms on a one-year contract with free-agent reliever Ryan Madson.

A source close to the club say the deal is worth approximately $8.5 million.

Madson was sensational after taking over as the closer in Philadelphia following an injury to Brad Lidge. The 31-year-old went 4-2 with 32 saves and a sparkling 2.37 ERA with the Phillies last season.

He was on the cusp of agreeing to a four-year deal with Philadelphia at the end of the season, but talks fell through and the Phillies snagged former Boston Red Sox stopper Jonathan Papelbon instead.

Madson will take over the closing duties in Cincinnati after the Reds declined to re-sign Francisco Cordero.