Just a couple of days after the Phillies verbally agreed to a deal with Ryan Madson, but pulled out after ownership vetoed the contract, a report from CSN Philly says the Phillies have moved on, and reached an agreement Jonathan Papelbon:

The Phils and Papelbon have reached agreement sources tell CSNPhilly.com. Pending physical.

No word on the size of the deal yet, but the Madson offer was reported four years for $44 million, so it would follow that the Papelbon deal would come close to or exceed that amount.

Papelbon is a converted starter who debuted with the Red Sox in 2005, taking over the closer's role the next year. He has 219 career saves and a 2.33 ERA over seven seasons. Though his 2011 will be remember by some for a blown save in Baltimore on the last day of the season, he might have had one of his better years statistically, featuring the lowest HR/9 and BB/9 of his career and the second highest K/9.

Overpaying for closers is never a good idea, but if you have to buy one, it's probably a good idea to go top shelf.