10:51am: Hannahan is believed to have obtained about $4MM, Jon Heyman of CBSSports.com reports (on Twitter).

7:50am: The Reds announced that they have signed free agent infielder Jack Hannahan to a two-year contract. The deal includes a club option for 2015, according to the team (on Twitter). Hannahan, a Joe Speed client, is expected to back up Todd Frazier in Cincinnati.

Hannahan became a free agent two weeks ago when the Indians non-tendered him. Five teams had "genuine" interest, including the Yankees, Twins and White Sox. MLBTR projected a $1.5MM salary for the 32-year-old via the arbitration process, so he ends up profiting from the Indians' decision to release him.

Hannahan appeared in 105 games for the Indians in 2012, mostly at third base (he played in seven games at shortstop and another two at first base). In 318 plate appearances, he posted a .244/.312/.341 batting line with 16 doubles. The left-handed hitter has slightly better numbers against right-handed pitching for his career, making him a natural complement to the right-handed hitting Frazier.

Ken Rosenthal of FOX Sports first reported the agreement and John Fay of the Cincinnati Enquirer first reported the two-year term.