The deal will be announced, with Burnett in attendance, at an afternoon news conference Tuesday at the baseball winter meetings in Dallas Texas.
According to a report from Ken Rosenthal of FoxSports.com, the Cardinals, the only other team still in contention for Burnett, needed to do something "extraordinary" to land the pitcher, according to a source with knowledge of the talks. But the Cardinals barely budged off their initial four-year, $40 million offer and we are not expecting them to make a last ditch effort to bring Burnett into the fold.
Burnett's representatives informed the Rangers and Nationals on Monday night that Burnett had narrowed his choices to the Blue Jays and Cardinals.
Earlier in the day Monday, the skuttlebutt around the lobby of the Wyndham Anatole hotel was that the Cardinals were the leading contenders to sign Burnett and a deal was imminent.
By late Monday night, the tide had changed and Toronto was expected to steal Burnett from the Cardinals (probably shouldn't use the word steal, when the Blue Jays forking out $55 million) and a deal was expected to be finalized within hours.
According to several reports, the deal Toronto was finalized early Tuesday morning.