Giants and Santiago Casilla agree to three-year extension

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UPDATE: Henry Schulman of the San Francisco Chronicle hears that the deal is worth around $15 million. Nothing to get too worked up about, but long-term deals for relievers can be risky business.

11:08 PM: Andrew Baggarly of CSNBayArea.com reports that the Giants and Sanitago Casilla have agreed to a three-year extension, pending a physical.

No word yet on the terms involved, but the deal includes a club/vesting option for 2016. Casilla was arbitration-eligible for the final time this winter after making $2.2 million in 2012, so the deal buys out at least his first two years of free agency.

Casilla owns a dominant 2.22 ERA in 74 appearances since joining the Giants in 2010. Only Mike Adams and Eric O’Flaherty have a lower ERA (min. 170 innings pitched) during the same timespan. The 32-year-old right-hander took over as the Giants’ closer this past season after Brian Wilson had Tommy John surgery, notching 25 saves in 31 chances, but he’s expected to pitch in a set-up capacity in 2013 now that Sergio Romo has staked claim to the role.