Update: the Rays and James Loney agree to a one-year deal

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UPDATE: Jon Heyman reports that the deal is done. The Rays have signed James Loney to a one-year, $2 million deal with incentives which could land him an extra million.

1:25 AM: Those hoping the Rays would land a big bopper at first base this winter appear set to be disappointed. Yahoo’s Tim Brown reports that the team is close to a deal with free agent James Loney.

Loney, 28, was one of the game’s worst players last season, hitting .249/.293/.336 in 434 at-bats for the Dodgers and Red Sox. He hasn’t posted an 800 OPS since hitting .331/.381/.538 in 344 at-bats for the Dodgers in 2007.

The money might not be significant enough to prevent the Rays from acquiring another first baseman to play over Loney. Still, it’s entirely possible that he’ll be their primary starter against right-handers, replacing free agent Carlos Pena. Moves like this do have a way of working out for the Rays, and Loney is perhaps young enough to surprise. He did flash some talent in the second half of 2011, hitting .320/.380/.534 in 206 at-bats.