Update 1/21 19:25: Mychael Urban OF CSNBayArea.com has learned that Bengie Molina has passed his physical and is set to rejoin the San Francisco Giants. The official announcement is expected to be made Friday, January 22.

Free agent catcher Bengie Molina is a San Francisco Giant again. CBS 5 Sports reports that Molina has signed a one-year, $4.5 million contract with the San Francisco Giants.

It was reported by Buster Olney of ESPN, that Molina rejected the Mets’ latest offer. The Mets are now targeting Yorvit Torrealba.

Molina, 35, hit .265 with 20 home runs and 80 RBIs for the Giants in 2009. It was widely believed that Molina was not going to re-sign with the Giants. Giant’s GM Brian Sabean was quoted by the San Jose Mercury in December saying, “That ship has sailed.”

You can see Bengie Molina’s complete statistics here.