The Boston Red Sox on Monday officially announced the re-signing of David Ortiz, for whom they will hold a press conference at 4 p.m. ET. The veteran designated hitter will get a two-year deal worth at least $26 million, according to a source.

Ortiz, who made $14.575 million last season on a one-year deal, will make $14 million in 2013, $11 million in 2014 and will get a $1 million signing bonus with performance incentives that could bring the total value to $30 million, according to a team source.

Talks between the soon-to-be 37-year-old Ortiz and the Red Sox began late in the season and concluded with an accord Friday night. The veteran slugger has spent the past 10 seasons in Boston and made no secret about his desire to remain with the team.