Update: Sean Marshall has signed a three-year extension through the 2015 season with the Reds according to Mark Sheldon. Terms not yet released.

An earlier report by Paul Marosi has been confirmed by Sean Marshall himself (through John Fay) that the Reds and Marshall are nearing completion of a deal that would extend his time in Cincinnati beyond this year.  The deal may be announced as early as tomorrow.

Dan Mennella speculates that a three-year, $15 million contract might be the starting point for negotiations.

If Marshall and his representatives at Meister Sports Management are amenable to signing an extension now – and reading the tea leaves from Jocketty’s comments, they might be – they’ll likely use the three-year, $15MM deal lefty Scott Downs signed with the Angels last offseason as a starting point in negotiations. And in light of the big contracts relievers have been securing this offseason, an annual average salary of $5MM is probably modest, so it could be bumped up from there.

The Reds traded Travis Wood and two other players for Marshall back in December.