The Boston Red Sox and designated hitter David year contract.

Financial terms were not disclosed, but the Boston Globe reported the deal to be worth $14.575 million. The two sides were set for an arbitration hearing on Monday, with the Sox offering $12.65 million and Ortiz requesting $16.5 million.

Ortiz has played for the Red Sox since 2003 and was an integral part of their two World Series championship teams in 2004 and '07. Nowhere near the feared hitter he once was, Ortiz still batted .309, hit 29 homers and drove in 96 runs last season.

It was the eighth time that he reached the 25-homer plateau in a Boston uniform, surpassing Jim Rice for second-most in franchise history. Only Ted Williams has more with 14.

Ortiz is fifth all-time in Red Sox annals with 320 homers and sixth in RBI with 1,028.

A seven-time All-Star, Ortiz spent his first six seasons with the Twins and is a career .283 hitter with 378 homers, 1,266 runs batted in and a .544 slugging percentage in 1,742 big league games.