Jan 08, 2009 1:47 PM EST

John Smoltz has reached preliminary agreement on a contract with the Boston Red Sox.

A person familiar with the negotiations, speaking on condition of anonymity because the final paperwork had not been completed, said Smoltz will sign a guaranteed deal with the Red Sox worth about $5 million and also have the possibility of earning another $5 million in performance bonuses. The deal was expected to be finalized later Thursday.

Via Yahoo!