CINCINNATI -- A formalized contract between the Reds and prospective new closer Ryan Madson might take several days to complete.

A source told MLB.com on Wednesday that Madson will get a one-year guaranteed contract that pays him $6 million in 2012 with an $11 million option for 2013 that carries a $2.5 million buyout. Some of the money will be spread out over four years.

One of the issues holding up a deal being formalized is that Madson is on vacation and has yet to be scheduled for a physical. Reds general manager Walt Jocketty is currently attending the owners meetings in Phoenix and could not be reached for comment.

The Reds have yet to comment about reaching an agreement with the 31-year-old Madson since news broke late Tuesday night. But it's clear that waiting let the free-agent closer market come to them.

Earlier in the offseason, Madson was reportedly close to re-signing with the Phillies for a four-year, $44 million contract. However, the Phillies ended up signing Jonathan Papelbon.

Last season, in his first full year as Philadelphia's closer, the right-handed Madson was 4-2 with a 2.37 ERA and 32 saves in 34 chances.