The Baltimore Orioles reached an agreement with right-handed pitcher Ubaldo Jimenez on Monday, multiple media outlets reported, and they officially signed South Korean right-handed pitcher Suk-min Yoon.

FOX Sports' Ken Rosenthal reported the Orioles have a deal in place with Jimenez, although it is still pending a physical.

Roch Kubatko of MASNSports.com reported that the contract is believed to be a four-year deal worth about $48 million.

Jimenez, 30, went 13-9 with a 3.30 ERA last season for the Cleveland Indians.

The Orioles will surrender their first-round pick (No. 17 overall) and the corresponding draft pool money if they complete the signing of Jimenez.

Meanwhile, the Orioles announced they finalized a three-year, $5,575,000 deal with Yoon.

The value of the contract could increase to as much as $13,075,000 if Yoon starts 26 or more games each season. He also gets a $675,000 signing bonus.

Yoon, 27, was 73-59 with a 3.19 ERA in nine seasons with the KIA Tigers in the Korean Baseball Organization.

To make room on the 40-man roster, the Orioles waived outfielder Jimmy Paredes, who was claimed by the Kansas City Royals.

Paredes changed teams for the third time since the end of last season. Baltimore acquired him off waivers from Miami on Saturday. The Marlins picked him up off waivers from the Houston Astros in November. He hit .192 with a .231 on-base percentage, a .248 slugging percentage, one homer, 10 RBIs and four stolen bases in 48 games for Houston last year.