The deal is pending a physical, as The Athletic first reported. Eovaldi has had two Tommy John surgeries, most recently in 2016.
Eovaldi, 28, emerged as a star in the postseason, dominating both as a starter and late-inning reliever.
After being acquired from the Tampa Bay Rays on July 25, Eovaldi went 3-3 with a 3.33 ERA in 11 starts and one long-relief appearance. He found his groove in September, with a 1.35 ERA in five appearances that gave a hint of what was to come in the postseason.
In 22 1/3 postseason innings, Eovaldi allowed only four earned runs, throwing 100 mph fastballs that were unhittable.
“He made himself a lot of money,” Red Sox president Dave Dombrowski said after the World Series win.
The right-hander handcuffed the New York Yankees in Game 3 of the American League Division Series, allowing one run in seven innings of a rout at Yankee Stadium. He stifled the Houston Astros in Game 3 of the ALCS, going six innings and getting the win. He also made three eighth-inning relief appearances that required him to record 10 outs against the Astros and Los Angeles Dodgers.
Eovaldi became a folk hero in Boston with a sixth-inning stint in the 18-inning loss in Game 3 of the World Series in Los Angeles. Coming on in the 12th inning, Eovaldi threw 97 pitches in relief. Though he got the loss, teammates and coaches called the outing inspirational, citing his stamina and willingness to give his all.
“One of the best performances in the history of the World Series,” Red Sox manager Alex Cora said. “… What Nate did, that was amazing.”
He was released by the Yankees in 2017 and signed a one-year, $2 million deal with the Rays for 2018. He made his return from surgery on May 30 and made 10 starts for Tampa Bay, going 3-4 with a 4.26 ERA.
Eovaldi has a 44-53 record and 4.16 ERA in stints with the Dodgers and Miami Marlins as well as the Yankees, Rays and Red Sox.