Per MLBTR
The Rays have agreed to sign Carlos Pena to a one-year deal that will bring the powerful first baseman back to Tampa Bay, Jon Heyman of CBS Sports reports on Twitter. He'll obtain approximately $7.25MM, Heyman reports. Yahoo's Tim Brown reported earlier this morning that the Rays were "in pretty deep" with the Scott Boras client.

Pena, 33, posted a .225/.357/.462 line with 28 home runs in 606 plate appearances for the Cubs in 2011. He earned $10MM last, when the Rays spent $42MM on their entire Major League payroll. Pena averaged 36 home runs and a .238/.368/.516 line in his four seasons in Tampa Bay from 2007-10. Just 9.36% of 15,700 people who participated in MLBTR's December poll expected Pena to return to Tampa Bay.

The Rays have added substantial power to the lineup in Pena and Luke Scott. Casey Kotchman, who played first base for the Rays in 2011, will presumably sign elsewhere -- possibly in Cleveland -- now that the Rays no longer have an opening at first base. Potential suitors for Pena such as the Yankees, Tigers and Indians will have to turn elsewhere for power bats.
Fantastic deal for the Rays!! You just can't find bats like Pena's for under $10 million but he took the paycut to return to a friendly place and contender. Pena still plats good defense, walks a ton and hits for power. Kotchman wasn't likely to repeat his 2011 performance so the Rays made the correct choice here. Great signing for Friedman and the Rays!