The deal was first reported by Robert Murray of BaseballEssential.com.
The 39-year-old Grilli will be joining his ninth organization. In 17 innings pitched this year, he has a 5.29 ERA and a 4.41 FIP, striking out 23 batters and walking 13. Grilli added two saves and two holds in six total save opportunities.
In Toronto, Grilli joined a bullpen that needed help at the end of games.
Drew Storen, who was expected to take the role of setup man at the beginning of the year, currently has pitched to a career-worst 6.75 ERA in 17 1/3 innings. His 19 to 13 strikeout-to-walk ratio suggests that he might be a bit better than his results show, but nonetheless, Storen has a 4.79 FIP.
As a whole, the Blue Jays' bullpen ranks 13th in the Majors with a 3.80 ERA, but they rank 19th in fWAR, with 0.5. An early upgrade in Grilli definitely will not hurt as Toronto looks to contend in a tough American League East.
As for Ratcliffe, the 21-year-old that is headed to the Braves was drafted in the 18th round of the 2013 MLB Draft. Pitching in Low-A Vancouver, Ratcliffe has a 3.60 ERA and a 30 to 16 strikeout-to-walk ratio in 40 innings (22 games; 1 start).