Blalock's contract is worth approximately $6 million less than what he was earning with the Texas Rangers last season.
Blalock had been in talks with the Florida Marlins and the Rays this offseason, but talks with Tampa Bay became much more serious in recent days. The Marlins offered Blalock—a Scott Boras client—a contract two weeks ago that he turned down.
The 29-year-old Blalock hit just .234 last season with the Rangers with 25 home runs and 66 RBI. He was limited to 58 and 65 games in 2007 and 2008, respectively, due to injuries.
With Evan Longoria a mainstay at third base for the Rays, Blalock would most likely only be used as a designated hitter or first baseman if he gets called up.
He could also be packaged in a trade to a team that could use a corner infielder.