As per Jon Heyman at SI.com, the New York Mets and Frankie Rodriguez have agreed in principle to a three-year, $37 million deal that includes a vesting option for the fourth year. That additional year will come to fruition as long as K-Rod pitches the normal number of innings that his job of 'closer' entails, something around 50 a year, because modern-day closers are fancy boys.
You're on notice now, agents of Brian Fuentes, Trevor Hoffman, and (heh) Eric Gagne.

K-Rod you are no longer welcome at Walkoff Walk.
Ah, hell. I was hoping for a tearful reunion with Vladdy.
Vlad: I WOODA NEVA LET YOU GO
Que-Rod: gime hug, maing
*embrace
Robert Thomas Thigpen nods approvingly.
Minaya Makes Manuel Mirthful.
Record-holding Rolaids Reliever Rodriguez Reaps Ransom
K-Rod Kounts Kash
Uh oh. That can't be good.
I'm excited for this to end in salty tears