Update 9:02am PST:  The Rays have signed Soriano for 1 year at $7 million or slightly above according to Ken Rosenthal’s Tweet.  This is all pending the exchange of medicals.  This also avoids an arbitration hearing between Soriano and the Rays in early 2010.  Soriano could have fetched as much as $8 million for 1 season had he won arbitration.

ESPN.com reports that the Atlanta Braves have traded relief pitcher Rafael Soriano to the Tampa Bay Rays for RHP Jesse  Chavez.  It was rumored that Soriano was headed to the Orioles late Wednesday.  Soriano, 30 on Opening Day 2010, was 1-6 with a 2.97 ERA in 77 games for the Braves in 2009.

RHP Jesse Chavez, 26, came over to the Rays in the Akinori Iwamura trade last month with the Pittsburgh Pirates.  Chavez was 1-4, with a 4.01 ERA in 73 games last season.