Madson replaces Francisco Cordero as the closer in Cincinnati. Cordero remains a free agent after the Reds declined a $12 million option, choosing instead to pay a $1 million buyout.

Madson nearly re-signed with the Phillies, but a $44 million, four-year deal collapsed in November and days later Philadelphia reached a $50 million, four-year contract with former Red Sox closer Jonathan Papelbon.

Dodgers, Fox settle

A bankruptcy judge in Delaware approved a settlement between the Los Angeles Dodgers and Fox Sports that clears the way for the sale of the team. The settlement, reached late Tuesday and quickly approved at a brief court hearing yesterday morning, ends a contentious legal battle between the ball club and Fox.

The settlement was reached with the help of a court-appointed mediator after a federal district court judge said last month that Fox likely would win an appeal of a ruling by Gross that authorized the Dodgers to begin a process to market the media rights to future games starting in 2014.

Fox Sports Net West, part of Rupert Murdoch’s News Corp., claimed that the media rights marketing plan violated its rights under an existing telecast contract with the Dodgers.

Under the settlement, the Dodgers will abide by the terms of the existing contract with Fox. That contract gives Fox an exclusive 45-day period starting in October to try to negotiate a contract extension with the Dodgers.

Vogelsong lands deal

Ryan Vogelsong and the Giants agreed to a two-year contract worth approximately $8.3 million after he became one of the team’s most reliable starters and an unlikely All-Star last season. Vogelsong, 34, who had been eligible for arbitration, had a remarkable comeback season in 2011. He set a career high for wins while going 13-7 with a 2.71 ERA in 30 games, 28 starts. The deal includes a club option for 2014 . . . Injured first baseman Kendrys Morales and the Angels agreed to a one-year contract worth $2,975,000, avoiding salary arbitration. Morales hasn’t played since breaking his left ankle while jumping on home plate to celebrate a game-ending grand slam May 29, 2010. His deal matches last year’s contract and includes the same $50,000 bonus for 550 plate appearances. The Angels still don’t know whether Morales will be healthy for spring training next month, but they’re cautiously optimistic . . . Cubs president of baseball operations Theo Epstein said trade talk involving ace Matt Garza is overblown and he also still hopes to re-sign veteran reliever Kerry Wood. Chicago has been listening to offers for Garza and would like top prospects in return, but Epstein insisted he’s not being shopped. “I can truly say more has happened in the media with this than has happened in reality,’’ Epstein said. “There’s no attempt to shop him.’’ Wood returned to the Cubs for a second stint last winter on a $1.5 million, one-year deal even though he might have gotten more elsewhere . . . Outfielder Scott Hairston and the Mets reached a $1.1 million, one-year deal. Hairston, 31, hit .235 with seven homers and 24 RBIs in 132 at-bats last season. His three pinch-homers were one shy of the team record.

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