Mark Sheldon is reporting that the Reds have agreed to a two-year deal with left-handed reliever Manny Parra.

MLB.com has confirmed that Reds left-handed reliever Manny Parra is back with the Reds after he signed a two-year, $5.5 million contract on Wednesday. Parra will earn $2 million in 2014 and $3.5 million in 2015. He has already passed his physical.

Parra enjoyed an excellent bounce back season with the Reds in 2013. Steve Adams from MLBTR analyzes the deal this way:

Parra, 31, enjoyed a tremendous rebound campaign for the Reds in 2013, posting a 3.33 ERA with 11.0 K/9, 2.9 BB/9 and a 43.8 percent ground-ball rate in 46 innings. Parra demonstrated a significant platoon split, however, holding left-handers to a brilliant .167/.237/.238 batting line but yielding a .310/.370/.524 line to right-handers.

His ideal role appears to be that of a left-handed specialist, though his usage will depend on new manager Bryan Price. Last season, Dusty Baker split Parra’s time evenly, allowing him to face 95 right-handers and 93 left-handers.

While Parra’s platoon split is more pronounced than that of Javier Lopez, Reds GM Walt Jocketty was able to secure an arm that was similarly effective against left-handed batters for less than half the price of Lopez’s three-year, $13MM contract with the Giants.