Jon Heyman of CBSSports.com is reporting (via Twitter) that the Rays have reached an agreement with James Loney. Terms of the deal are not yet available.
[Update: Jim Bowden of ESPN Radio is reporting that it is a 1-year deal for $2 million with $1 million in incentives.]
Loney, who will be 29 next season, split the 2012 season between the Dodgers and Red Sox, hitting .249 with 6 home runs, a and a .293 OBP (.272 wOBA). His best season came in 2011 when Loney hit .288 with 12 home runs and a .339 OBP (.328 wOBA). He is also a strong defensive first baseman.
In his career, he has a .351 OBP against righties (.302 OBP vs LHP) and will likely be used as the left-handed half of a first base platoon.