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Reports: Red Sox sign Joel Hanrahan for $7.04 million

01.18.13 at 4:01 pm ET

According to MLBTradeRumors.com, the Red Sox reached a one-year, $7.04 million deal with closer Joel Hanrahan for the 2013 season, a considerable increase on the $4.1 million the right-hander earned in 2012. Hanrahan, who was arbitration-eligible for the third time this offseason, could earn an additional $60,000 in incentives, according to the website, with $15,000 bonuses for finishing 45, 50, 55 and 60 games.

Hanrahan was an All-Star closer for the Pirates for the second straight year in 2012, going 5-2 with a 2.72 ERA, 10.1 strikeouts per nine innings and 5.4 walks per nine innings en route to 36 saves last year. The Sox acquired him (along with infielder Brock Holt) from Pittsburgh on Dec. 26 in exchange for reliever Mark Melancon, right-hander Stolmy Pimentel and outfielder Jerry Sands.

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