Report: Hisashi Iwakuma to sign for three years, $45 million.

The Dodgers and free agent pitcher Hisashi Iwakuma were still discussing financial terms of a potential deal Sunday night. Monday morning, Jon Heyman of CBSsports.com reported that the total package could be worth $45 million:

At $15 million a year, that’s a much more affordable contract than the one Zack Greinke signed with the Diamondbacks, or the one Jeff Samardzija signed with the Giants. The Dodgers pursued both pitchers before ultimately falling short.

Iwakuma’s contract is presumably pending only a physical once the years and dollars have been agreed to.

Iwakuma, who turns 35 next April, was limited to 20 starts last season because of a strained lat muscle that sidelined him all of May and June. He finished 9-5 with a 3.54 earned-run average (8-4, 3.05 in the second half).

The Mariners reportedly offered Iwakuma a two-year deal for $24 million; it’s unknown if they ever increased the term of the offer. If not, the Dodgers might be able to get Iwakuma on a three-year deal, which would take him to age 37.

Iwakuma is represented by Joel Wolfe of Wasserman Media Group. Wolfe also represents second baseman Chase Utley, who reportedly agreed to terms with the Dodgers on a one-year contract Sunday.

Because Iwakuma rejected a qualifying offer after the season, the Dodgers would forfeit their first-round draft pick (25th overall) once their contract becomes official. The Dodgers also have two compensation-round picks, immediately after the first round.

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About J.P. Hoornstra

J.P. Hoornstra covers the Dodgers, Angels and Major League Baseball for the Orange County Register, Los Angeles Daily News, Long Beach Press-Telegram, Torrance Daily Breeze, San Gabriel Valley Tribune, Pasadena Star-News, San Bernardino Sun, Inland Valley Daily Bulletin, Whittier Daily News and Redlands Daily Facts. Before taking the beat in 2012, J.P. covered the NHL for four years. UCLA gave him a degree once upon a time; when he graduated on schedule, he missed getting Arnold Schwarzenegger's autograph on his diploma by five months.