Or so thinks the Seattle Times. The Times believes an announcement could come today:
Should be interesting to see what the terms of the deal will be. With the Mariners reportedly bumping their offer to about $6m per a few days ago, it wouldn't be surprising to see a 2yr/$12-13m with some kind of mutual third year option for a bit more.
Jeff's update: via David Pinto, we learn this neat little throwaway tidbit:
Update #2: Jim Street cites the Times in saying that the two sides have agreed to a contract worth something in the neighborhood of $15m/3yr. Once it's made official, Yorvit Torrealba will be sent to Colorado, most likely for a minor leaguer.
Update #3: Ken Rosenthal reports it's a three year $16.5 million deal, possibly $19 over three with incentives.