A right-hander who turns 32 next month, Baez was 7-2 with a 3.10 ERA in 71 relief appearances last season, striking out 69 in 69⅔ innings while walking 23. He had a $2.1 million salary.
A decision by arbitrators Robert Herman, Jeanne Charles and Margaret Brogan is expected Wednesday. Baez is eligible for free agency after this season.
Nine players remain scheduled for hearings, which run through Feb. 21.
Information from The Associated Press was used in this report.