UPDATE: Mets agree to contract with reliever Jon Rauch

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UPDATE III: The Mets might not be done addressing their bullpen. Ken Rosenthal of FOXSports.com reports that the they are working on a 2-for-1 deal that is described as a “change of scenery” for all parties. Stay tuned.

UPDATE II: Jim Duquette of MLB Network Radio on SiriusXM reports that the deal is done, pending a physical. It’s reportedly worth $3.5 million and includes some performance-based incentives.

Joel Sherman of the New York Post confirms the report while adding that the Mets still hope to add another late-inning option to compete with Rauch for the closer role during spring training.

Rauch, 33, posted a 4.85 ERA and 36/14 K/BB ratio over 52 innings with the Blue Jays this season. The 6-foot-11 right-hander was 11-for-16 in save opportunities.

UPDATE: Adam Rubin of ESPN.com reports that the Mets are making progress in talks with free agent reliever Jon Rauch.

Andy Martino of the New York Daily News asked a source whether the two sides were closing in on a deal and was told, “You’re on the right track.”

5:50 PM: Joel Sherman of the New York Post and Andy Martino of the New York Daily News are both reporting that the Mets are picking up their search for relief help. In fact, Martino hears that they could make a deal as soon as tonight.

The Mets have been connected in talks for free agents like Francisco Rodriguez, Brad Lidge, Jon Rauch, Frank Francisco, Francisco Cordero, Octavio Dotel, Chad Qualls and Todd Coffey, but general manager Sandy Alderson told Adam Rubin of ESPN New York this afternoon that he is more inclined to sign two second-tier relievers as opposed to spending significant money on a high-profile name.

“I’d be surprised if we throw all of our money at one guy,” Alderson said. “Our bullpen is such that we definitely need somebody at the end. We can use more depth in our pen also. I think if we can do it, it probably would be better to be a little bit conservative with our top-end guy and still have some money to provide depth.

New York’s bullpen was 28th in the majors last season with a 4.33 ERA. While Bobby Parnell was given a chance to audition for the closer role following the trade of K-Rod, his six blown saves in 12 chances during the second half of the season has caused the Mets to look outside the organization for an alternative.