The St. Louis Cardinals and right-handed pitcher Brad Penny have agreed to a deal, sources told ESPN The Magazine's Buster Olney.

Penny's one-year contract is worth $7.5 million and contains $1.5 million in performance bonuses, according to sources. The deal is pending a physical, which will likely be done on Tuesday.

Penny, 31, signed with the San Francisco Giants late last season after being put on the waivers by the Boston Red Sox and going unclaimed. He went 11-9 with a 4.88 ERA in 30 starts in 2009.

The Red Sox signed Penny to a $5 million, one-year contract last winter after he spent four-plus seasons with the Los Angeles Dodgers.

Penny is 105-84 in 10 major league seasons. He was a fifth-round draft pick by the Arizona Diamondbacks in 1996.