Update, 2:46 pm:
Ken Rosenthal of FoxSports.com reports Manny Ramirez and the Dodgers agreed today to a two-year, $45 million contract, according to major-league sources.
Ramirez and Scott Boras met with Dodgers owner Frank McCourt, Joe Torre and GM Ned Colletti at Dodger Stadium this morning, according to Tim Brown from Yahoo! Sports.
Original Post, 6:45 am:
Last night, Enrique Rojas of ESPN.com was first to report that the Dodgers and Manny Ramirez agreed to a two-year, $45 million deal.
Later, Tony Jackson of the Los Angeles Daily News said the Dodgers will meet Ramirez today before making the deal official, which will likely pay him $25 million in 2009 and $20 million in 2010.
According to Jon Heyman of SI.com, Ramirez can opt out of the deal after the first season.