Webb, 27, is scheduled for a physical early next week and the deal will become official once he passes the examination.
A 6-foot-6, 250-pound sinkerballer, Webb was 2-6 with a 2.91 ERA in 66 games last year for the Miami Marlins, who did not tender him a contract last week.
An industry source said Webb, a Clearwater, Fla., native, had multiple two-year deals before agreeing with the Orioles.
Webb is not currently considered an option to close for the Orioles – he finished 19 games for the Marlins last season but had no saves and is 0-for-9 in save opportunities in his career. He pitched mainly in the sixth through eighth innings last year.
However, Webb, like recently traded closer Jim Johnson, has a heavy sinker, rarely gives up home runs (13 in 276 innings pitched) and has an impressive groundball-to-flyball ratio in his career (1.35, compared to league average of 0.81).
The Orioles are also expected to announce the signing of outfielder Francisco Peguero to a one-year deal today. The 25-year-old right-handed hitter, who played in 35 games with the San Francisco Giants over the past two seasons, is in Baltimore for a physical today.
When the signings become official, the Orioles will have 39 players on their 40-man roster.
Jonah Keri of Grantland.com first reported the signing of Webb.Copyright © 2015, The Baltimore Sun