Several sources are reporting the deal is done.

From Newsday.com:

The agreement provides for him to make an additional $5 million in bonuses and match his 2007 salary. The deal is subject to him passing a physical, contains $3 million in performance bonuses based on innings pitched and $2 million based on weight clauses, a person familiar with the negotiations said Tuesday, speaking to The Associated Press on condition of anonymity because the team had not yet made an announcement.

Sweet.