According to FoxSports and other Web sites, the Red Sox are close to signing former Marlin and Dodger Brad Penny:
When it comes to free-agent starting pitchers, it almost always has been Red Sox general manager Theo Epstein's choice to pass up lucrative, long-term deals in favor of low-risk, high-reward solutions. Along those lines, Boston is reportedly close to signing veteran right-hander Brad Penny to a one-year contract.
According to Foxsports.com, all that stood in the way of an official deal is some finalization of contract language and Penny passing a physical.
With no figures known, I think this is a good move for the Sox. Penny is a former All-Star that has had health issues, but if he's healthy this is a good pickup. He's a very solid No. 5 starter. If, at anything, this gives the Red Sox starting depth. Unless this is a big contract (which it won't be), this is a low-risk, high-reward type of situation for the Sox.
Penny's best season was in 2007 with the Dodgers. He went 16-4 with a 3.03 ERA in 33 starts.
As the article also notes, Penny as a Sox would reunite him with Josh Beckett and Mike Lowell, who were teammates in Florida.