Heyman reports that Iwakuma's deal with Los Angeles is believed to be three years.
Iwakuma will make $45 million over the contract, setting him up for a cool $15 million annual average value (AAV). While that is less than John Lackey's ($16M) and Jeff Samardzija's ($18M) AAVs, it is still a solid amount for an aging pitcher like Iwakuma.
The fit is definitely there for the Dodgers, who have been in dire need for starting pitching, especially after missing out on Zack Greinke and David Price already this offseason.
Los Angeles had shown interest in Iwakuma throughout the offseason, but he was thought as a fallback option if they did not sign one of the top starters on the market.
A three-year deal for Iwakuma means that the Dodgers will have him for his age-35 through 37 seasons. It will be interesting to see if he will be able to remain as effective as he has been over the course of this new deal.
As of now, the Dodgers' rotation includes the likes of Clayton Kershaw, Brett Anderson, Hyun-jin Ryu, and Alex Wood to go along with their new addition of Iwakuma.
Last season, Iwakuma, who turns 35 in April, went 9-5 with a 3.54 ERA in 20 starts with the Seattle Mariners. He posted a 111 to 21 strikeout-to-walk ratio in 129 2/3 innings pitched.
Over his career, the Japanese pitcher has had a solid transition to Major League Baseball. He has posted a 3.17 ERA in four years with the Mariners after they signed him out of Asia. He was named to the 2013 American League All-Star team.
The Dodgers will lose a first round pick for the signing of Iwakuma, as he was offered a qualifying offer from Seattle. The Mariners will receive a compensatory selection because he signed elsewhere.
Iwakuma may not be the only move the Dodgers decide to make over the next few days at baseball's Winter Meetings, as they are reportedly in discussions with the Reds over Aroldis Chapman and could go after more starting pitching, such as Johnny Cueto.