Kevin Millwood and the Texas Rangers have reached a preliminary agreement on a four-year contract worth nearly $48 million, according to a person familiar with the negotiations, ESPN's Peter Gammons reported Monday night. Gammons reported that the deal includes a Rangers team option for a fifth year. If the contract goes five years, it would then be worth $60 million. Texas can void the fifth year of the deal if Millwood doesn't pitch a certain number of innings in earlier years of the contract. Millwood is expected to undergo a physical Tuesday, and the deal likely will be finalized Wednesday. Details of the deal were disclosed by two people familiar with negotiations who spoke on condition of anonymity because the contract had not been finalized. Millwood's decision to accept Texas' offer was first reported by the Fort Worth Star-Telegram on its Web site.