Dec 29, 2008 8:46 AM EST

The Red Sox have agreements in place with right-hander Brad Penny and catcher Josh Bard, according to an industry source.

Penny would be paid a base salary of $5 million, and the deal is expected to be finalized Tuesday pending a physical exam and completion of contractual language.

The deal has the potential to pay Penny $3 million more in bonuses, beginning with a 160-innings-pitched threshold and escalating from there.

Via Boston Herald