According to Barry Jackson, also of the Miami Herald, the two sides have agreed to a two-year, $22 million contract.
The Rangers were the only other team that reportedly showed interest in Volquez during his free agency. The Kansas City Royals declined his $10 million option in favor of a $3 million buyout.
After a small lull in free agent signings, the Marlins and Volquez have struck a deal even with the current Collective Bargaining Agreement set to expire on Thursday. With lots yet to be decided in the long-term, it appears that many have decided to wait before making big moves.
Regardless, the Marlins decided to make a late-November addition to their rotation. As a group, they posted the ninth-highest fWAR in the Major Leagues in 2016, so an addition makes sense, not even considering the tragic loss of Jose Fernandez. Going forward, Volquez will fit in the rotation alongside Wei-Yin Chen, David Phelps, Adam Conley and Tom Koehler.
Volquez, on the other hand, seemed to do well in this contract. MLBTradeRumors.com projected him to earn a one-year, $8 million deal, so going off of that, he not only earned more money per year but more money on the total guarantee.
The 33-year-old Volquez has spent the last three seasons with the Royals and did post some very good results in 2014 and 2015 before falling far off the table in 2016.
Last year, he made 34 starts, going 10-11 with a 5.37 ERA and a 139-76 K/BB ratio over 189.1 innings. Posting solid peripherals (4.57 FIP, 4.58 xFIP), Volquez still provided some value, and according to FanGraphs, he was worth 1.5 Wins Above Replacement.
The Marlins hope, though, that Volquez can return to his 2015 form, when he posted a 3.55 ERA and a 2.6 fWAR while helping the Royals capture the World Series championship.