Source: Reds to sign Edgar Renteria

The Cincinnati Reds will announce the signing of shortstop Edgar Renteria to a one-year contract Thursday afternoon, according to a source with knowledge of the situation.

The deal could be worth as much as $3 million with an incentive package.

Renteria was the 2010 World Series MVP for the San Francisco Giants.

Bruce Levine covers baseball for ESPNChicago.com and ESPN 1000.