The pact, which includes an option, escalators, and a buyout, is expected to be worth $12 million to $14 million in guarantees, reports Jeff Passan of ESPN.
Baez spent the first seven years of his career with the Los Angeles Dodgers.
The 32-year-old owns a 3.03 ERA with 369 strikeouts in 355 appearances with the Dodgers.
Houston's bullpen finished 10th in fWAR (1.1) in the American League during the 2020 campaign.
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