Giambi Signs One-Year Deal With A's

UPDATE 4:50 p.m.: From Ken Rosenthal:

The A's have reached preliminary agreement with Giambi on a one-year contract with a club option for 2010, according to major-league sources.

...his salary with the A's is expected to be in the $5 million range.

UPDATE 12:54 p.m.: Buster Olney is now reporting that the two sides are close to a one-year deal with an option for 2010.

The deal would pay Giambi $5.25 million in '09, and a $4 million base salary for the 2010 option. There would also be a $1.25 million buyout for the second year.

From Mychael Urban:

The Rays agreed to terms with free-agent outfielder Pat Burrell on Monday, dramatically increasing the likelihood of free-agent first baseman Jason Giambi returning to the A's.

An industry source told MLB.com on Monday afternoon that Oakland could sign Giambi this week, likely to a one-year deal with a possible second-year option.

A's general manager Billy Beane, who is known to have had several conversations with Giambi and his agent, Arn Tellem, cited his long-standing policy against discussing negotiations while declining comment Monday afternoon.

Good for Giambi. He'll be in a place he likes and he'll get a chance to be a major part of the A's lineup. With Giambi and Matt Holliday, the A's offense should be much improved from last year's poor performance.