Padres, Peavy said have $15 million deal

PEORIA, Ariz., Feb. 28 (UPI) -- Righthander Jake Peavy reportedly has a four-year deal with the San Diego Padres worth $15 million.

The San Diego Union Tribune said Monday the deal will be announced officially after the team arranges an insurance policy for the 23-year-old pitcher.

"That shouldn't be a problem at all," San Diego General Manager Kevin Towers said.

Last season, Peavy was 15-6 with a 2.27 earned run average. He missed six starts with inflammation near his right elbow but recently underwent an MRI exam and X-rays and received full medical clearance.

Peavy has a 33-24 career record with a 3.53 ERA in 76 starts.