Feb 17, 2009 6:05 PM EST

The Reds and third baseman Edwin Encarnacion have agreed to a two-year contract that will pay at least $7.6 million through the 2010 season.

Encarnacion was the last Cincinnati player in arbitration.

The deal calls for $2 million in 2009 and $4.75 million in 2010, along with an $850,000 signing bonus and performance bonuses of $25,000 for 600 plate appearances.

Via ESPN