Update 13:59: Brian McTaggart, Astros beat writer for MLB.com, says that the Houston Astros would get two draft picks as compensation: Detroit’s first round pick (19th overall) and supplmental first round pick (34th overall).

13:53: Tim Brown of Yahoo Sports reports that the Detroit Tigers and free agent relief pitcher Jose Valverde have agreed to a two-year $14 million deal with a third year option for $9 million.  It is not known if the third year option is a player, team or mutual option.

Earlier today, Brown reported that the St. Louis Cardinals, Detroit Tigers and another club extended offers to Valverde. The Arizona Diamondbacks were interested in Valverde’s services earlier this Winter.

Valverde gambled this off season by turning down the Houston Astros offer of arbitration in hopes of getting a larger deal. Valverde, who made $8 million last season with the Astros, probably would have made $10 million in arbitration. Now he has two-years and $14 million – not exactly the big pay day he was hoping for.

You can see Jose Valverde’s contract history and statistics here.