UPDATE: Orlando Cabrera signs with Reds

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Update: Brown reports that the Reds have agreed to terms with Cabrera on a one-year, $3 million contract with a $3 million option for 2011. According to Mark Sheldon of MLB.com, there’s a $1 million buyout on the second year.

Saturday 6:33 pm: Tim Brown of Yahoo! Sports hears that Orlando Cabrera is leaning towards choosing the Reds over the Rockies, with a deal likely done today.

Cabrera would have a better chance to win in Colorado, but with Troy Tulowitzki as the starting shortstop, he’d have to accept a part-time role with the club, most likely at second base, a position he hasn’t played regularly since 1998. The Reds love Paul Janish’s glove at shortstop (he only played 82 games at the position last season, but led all shortstops in UZR/150), but don’t think they can shoulder his meager offensive production over the course of a full season.

As Cincinnati emerges as the clear favorite for Cabrera, Troy Renck of the Denver Post tells us that the Rockies are a finalist for free agent infielder Melvin Mora. The Mariners and Rangers are also rumored to have interest in the 37-year-old. Mora has only played third base since the 2004 season, but the Rockies believe he could also play second base and outfield. He served a similar utility role with the Mets and in his early days with the Orioles.

Brewers sign Gio Gonzalez

Gio Gonzalez
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Ken Rosenthal reports that the Milwaukee Brewers have signed Gio Gonzalez. Gonzalez will get a $2 million base salary with $2 million in potential performance bonuses.

Gonzalez was excellent for the Brewers down the stretch last season, posting a 2.13 ERA over his final five regular season starts. While it’s not likely he can replicate that, given how terrible Milwaukee’s rotation has been thus far — they have a 5.74 ERA as a group this season — he can’t hurt.

Not a bad landing pad for a guy who had to settle for a minor league deal with the Yankees before being released over the weekend.