According to T.R. Sullivan of MLB.com, the Rangers have been told that Cliff Lee is signing with the Phillies.
What an incredible turn of events. Evan Grant of the Dallas Morning News hears that it is a five-year contract, which is actually a pretty reasonable deal for the Fightins. The Yankees last offer was for seven years and approximately $150 million, so Lee left plenty of money on the table for another shot in Philadelphia. He'll join Roy Halladay, Cole Hamels and Roy Oswalt to form one of the most formidable rotations in recent memory.