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The person spoke on condition of anonymity Friday because the deal had not yet been announced.
Papelbon, who turns 30 on Nov. 23, had 219 saves over seven seasons with the Boston Red Sox, including 31 this year, when he made $12 million.
Ryan Madson's agent and Phillies general manager Ruben Amaro Jr. were close to a $44 million, four-year deal on Monday, but Amaro told Madson agent Scott Boras the following day that team president Dave Montgomery wouldn't approve the deal.
The agreement was first reported by CSNPhilly.com.