Indians.com is reporting that the Indians are close to finalizing a one-year deal with Joe Borowski, contingent on him passing a physical tomorrow:

I must admit that I'd prefer Foulke, even if it took a 2-year deal.  But, at the right price and with a little luck, Borowski could be a nice acquisition.

Update [2006-12-4 20:35:40 by jdudas]: ESPN is reporting that the Indians' offer is for 1 year, $4 million and that Borowski would compete for the closer's job.