The source says the three-time Cy Young Award winner is in town for a physical, and the Phillies planned to hold a news conference on Wednesday.
Martinez can earn up to $1.5 million in incentives. The eight-time All-Star will need to make at least a few starts in the minors before he's ready to join Philadelphia's depleted rotation.
The 37-year-old Martinez went 5-6 with a 5.61 ERA for the New York Mets last year. The free agent pitched in the World Baseball Classic before this season.
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