Update: Dodgers, Hisashi Iwakuma agree on three-year deal

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Update #2 (9:45 PM EST): It’s a three-year deal, per Jon Heyman of CBS Sports.

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Update (8:19 PM EST): Joel Sherman of the New York Post is reporting that the two sides aren’t in agreement yet, but it is believed that the two sides will indeed reach an agreement.

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Jim Bowden of ESPN and Sirius XM is reporting that the Dodgers and starter Hisashi Iwakuma have come to an agreement on a contract. There was a run on starting pitching in free agency and the Dodgers came up empty — watching Zack Greinke sign with the division rival Diamondbacks — so they reportedly pushed for Iwakuma on Saturday night and reached a conclusion on Sunday.

The Mariners and Giants were both reportedly in the mix for Iwakuma. The right-hander declined the Mariners’ $15.8 million qualifying offer, which means the Mariners will get draft pick compensation and the Dodgers will forfeit their first-round draft pick. They will, however, get two picks back as Greinke and Howie Hendrick each declined the club’s $15.8 million qualifying offers.

Iwakuma suffered a strained lat muscle during the first half of this past season, and he made only 20 starts as a result. He posted a 3.54 ERA with a 1.064 WHIP and a 111/21 K/BB ratio over 129 2/3 innings.

Details of the contract are not yet known but we will pass them along as soon as they are made available.