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Report: Ryan Madson headed to the Reds

ESPN.com's Jerry Crasnick reports that the Cincinnati Reds and closer Ryan Madson have agreed on a one-year, $8.5 million contract for the 2012 season, according to a source.

The 31-year-old Madson, who was 4-2 with a 2.37 ERA and 32 saves in 2011 for the Phillies, will take the spot of Francisco Cordero as the closer. Cordero is still a free agent. The Rangers had inquired about Madson this offseason.

You can read Crasnick's full report here.