A's reach agreement with 1B-DH Giambi

Jan 7, 2009 - 7:24 PM SAN FRANCISCO (Ticker) -- California native Jason Giambi is headed back to the Oakland Athletics.

Giambi, who won the American League Most Valuable Player award with Oakland in 2000, on Wednesday agreed to a one-year contract with the Athletics.

Financial terms of the deal, which also includes a club option for 2010, were not announced, but the San Francisco Chronicle reported the the contract is worth $4 million.

According to the newspaper, the club option is $5.5 million with a $1.25 million buyout also available.

The Athletics announced the move after the 38-year-old Giambi passed a physical Tuesday.

Giambi, who made his major league debut with the Athletics in 1995, Giambi holds Oakland career marks for batting average (.308) and on-base percentage (.412).

In 2000, Giambi batted .333 with career highs in home runs (43), RBI (137) and walks (137).

He finished second in the MVP balloting in 2001, when he set an Oakland record with a career high .342 batting average with while 38 home runs and 120 RBI.

Prior to the 2002 campaign, Giambi signed a seven-year, $120 million contract with the New York Yankees.

However, his stay in the Bronx was marred by inconsistent play, injuries and his role in the BALCO steroids scandal, for which he publicly apologized.

Giambi played in 145 games last season, batting .247 with .373 on-base percentage and .502 slugging percentage. He added 32 homers and drove in 96 runs in his final season with the Yankees.

Giambi, who ranks ninth among players in home runs, needs four to become the 44th player in Major League history to hit 400.

In Oakland, Giambi likely will serve as the designated hitter with Jack Cust manning left field and Daric Barton playing first base.