Update 13:52: Jim Street of MLB.com says that the Mariners have designated right-handed pitcher Yusmeiro Petit for assignment to make room for Erik Bedard on the 40 man roster.

2/6 10:08: According to the Mariner’s website, the team has re-signed left-hander Erik Bedard to a one-year contract. Bedard has already passed his physical.

The contract has a $1.5 million base salary with up to $6 million incentives. There is also a mutual option for 2011.

“We think Erik is an important piece for us to add,” general manager Jack Zduriencik said in a news release. “We’re confident he’ll be ready to pitch Major League games this season. We’ve carefully monitored his recovery from surgery and his rehabilitation process and are confident he’ll be a contributor to our 2010 campaign. We are looking forward to him returning and being a part of this organization as we move forward.”

Bedard, 31 by Opening Day, had his best season in 2006 when he wen 15-11 with a 3.76 ERA and 171 strikeouts with the Orioles. You can see Bedard’s contract history and statistics here.