"Intent on transacting as much business as possible before dealing with Albert Pujols looming free agency, the Cardinals have reached agreement with 2005 NL Cy Young Award winner Chris Carpenter on a two-year contract extension worth about $21 million, according to sources familiar with the situation.

The club intends to announce the deal later this week after finalizing formalities associated with the deal. However, terms of the deal are in place and Carpenter last week passed a physical required for insurance.

The extension rolls the clubs $15 million option on Carpenter for 2012 into a longer structure that allows the club about $4 million in annual savings over Carpenters salary for this season. Carpenter, 37, may now realize his desire to finish his career with the same club that acquired him in December 2002 after the Toronto Blue Jays removed him from their 40-man roster."