Red Sox reportedly agree with Penny

After saving millions when they couldn't sign free-agent first baseman Mark Teixeira, the Boston Red Sox appear to have banked another penny.

Boston media outlets are reporting that the team has agreed to terms with free-agent pitcher Brad Penny. The reports indicate the right-hander will receive a one-year, $5 million deal and can earn an additional $3 million for throwing more than 160 innings.

Looking to add a catcher, the Red Sox also agreed to a non-guaranteed major league deal with Josh Bard, the Boston Herald reported. The deal is worth $1.6 million, the newspaper said.

While battling shoulder problems last season, Penny struggled to a 6-9 record with a 6.27 ERA for the Los Angeles Dodgers. That followed his two most productive major league campaigns. He went 16-4 with a 3.03 ERA in 2007, was named to the All-Star team and finished third in Cy Young voting. In 2006, he was 16-9 with a 4.33 ERA and also made the All-Star team.

In nine years, Penny is 94-75 with the Dodgers and Florida Marlins.

The Red Sox, who lost to the Tampa Bay Rays in the American League Championship Series last season, have been looking to shore up a rotation that includes Daisuke Matsuzaka, Jon Lester, Josh Beckett and Tim Wakefield.