Madson signing with the Reds according to CBS. Bye Bye Ryan.

UPDATE: Heyman adds that it’s a one-year deal. Still need to see the dollar amount, but you have to like this if you’re the Reds. And while Madson didn’t get the deal we all thought he would get, he’ll have a chance to test the market again next offseason.

10:55 PM: Ryan Madson has finally found a home. Jon Heyman of CBSSports.com reports that the 31-year-old right-hander has agreed to terms with the Reds. No word on the specifics yet.

Madson saved 32 games in 34 chances with the Phillies in 2011 and owns a 2.89 ERA over the past five seasons. He’s an improvement over the declining Francisco Cordero in the closer role and just the latest sign that the Reds are going for it in the National League Central.