"The Orioles are closing in on signing right-handed reliever Chong Tae-Hyon out of South Korea as the two sides -- which were involved in heavy negotiations on Monday -- have agreed to terms, according to a baseball source.

The exact length of the deal and money involved was not immediately known, as exact details were still being hammered out in the preliminary agreement. With the deal not yet official, the Orioles had no comment on Chong, who would need to undergo a physical examination before anything can be made official.

A 33-year-old submarine-style pitcher, Chong closed out South Korea's gold medal win over Cuba in the 2008 Summer Olympics, and his poise on the big stage was a major plus for the Orioles. "