This report claims that Foulke will sign with a team today...looks like it may be with the Tribe.

Link

Another experienced bullpen guy to add to the mix this year. Not a bad back-end of the bullpen...Hernandez, Foulke and Borowski. This may open up the possibility of Shapiro trading Davis though. As soon as we do, he'll suddenly become a lights out closer for another team. Should be an interesting Spring Training...great competition for bullpen jobs.

UPDATE: The story is being corroborated by FOXSports.com, except this report says the deal won't be finalized until after Christmas ...

Foulke, 34, received multi-year offers, according to a source, but he is expected to sign a one-year contract with the Indians, possibly with a player or mutual option. His agent, Dan Horwits, has informed other interested clubs that Foulke is close to a deal, and that they should pursue other options. Full story here. [Jay]