UPDATE: The deal is official.
Phil Mackey of 1500 ESPN reports that Burton will earn $2 million next season and $3.25 million in 2014. The new deal includes a $3.6 million club option for 2015 that can be bought out for $200,000.
Burton signed with the Twins on a minor-league deal last offseason following several injury wrecked years with the Reds and was fantastic in a setup role, throwing 62 innings with a 2.18 ERA and 55/16 K/BB ratio.
He was arbitration eligible for the final time in 2013, but according to Wolfson the extension would cover 2013 and 2014 while giving the Twins an option for 2015.