12/29/2017 09:06 EST | Updated 12/29/2017 21:41 EST

AP source: Reliever Davis, Rockies agree to 3-year deal

DENVER — A person familiar with the negotiations says All-Star reliever Wade Davis and the Colorado Rockies have agreed on a three-year, $52 million contract.

The person spoke to The Associated Press on condition of anonymity Friday because the deal has not been announced.

A 32-year-old right-hander, Davis becomes a significant addition to what's becoming a formidable and high-priced bullpen. A few weeks ago, the Rockies finalized $27 million, three-year contracts with right-hander Bryan Shaw and lefty Jake McGee.

Davis had a 2.30 ERA and 32 saves last season for the Chicago Cubs. In 2015, Davis helped the Kansas City Royals to a World Series title.

His deal includes a fourth-year player option that vests should Davis reach 30 games in 2020. The deal was first reported by Yahoo! Sports.