Cordero update: It's official

There's a Francisco Cordero press conference at 5 p.m. That means he's signed and passed the physical. I will update the blog afterward. Buck Coats was designated for assignment to open a spot on the 40-man roster.

Here's the release:

Cincinnati Reds Executive Vice President and General Manager Wayne Krivsky today announced the signing of free agent All-Star RHP Francisco Cordero to a 4-year contract through the 2011 season, with a club option for 2012. Financial terms of the deal were not disclosed.

Cordero, who underwent a physical examination in Cincinnati earlier today, and Krivsky will be available at 5:00 p.m. ET in the field level interview room at Great American Ball Park. The press conference will be broadcast live on reds.com.

Cordero, 32, in his Major League career has recorded a 3.29 ERA and 177 saves in 470 appearances with the Detroit Tigers, Texas Rangers and Milwaukee Brewers. In his previous 4 seasons he averaged 38 saves, 70 appearances, 70 innings and 82 strikeouts. He set club records for saves in 2007 with the Brewers (44) and in 2004 while pitching for the Rangers (49), both years in which he was named an All-Star.

In 2007, for the second straight season Cordero was selected as the Brewers' Most Valuable Pitcher after his 44 saves ranked second in the National League (Arizona's Jose Valverde, 47). He began the season with 22 consecutive saves and converted 44 of 51 chances overall to become just the eighth pitcher ever to record at least 40 saves in a season in both leagues. Cordero held opponents to a .218 batting average while striking out 86 batters in 63.1 innings.

To make room on the 40-man roster for Cordero, OF Buck Coats was designated for assignment.