CINCINNATI — The Cincinnati Reds and Edwin Encarnacion agreed to a two-year contract that will pay the third baseman at least $7.6 million through the 2010 season.

Encarnacion was the last Reds player in arbitration. The agreement was announced today, hours before a scheduled hearing in Phoenix.

Encarnacion had asked for $3.7 million this season, while the team offered $2.55 million. The deal calls for $2 million in 2009 and $4.75 million in 2010, along with an $850,000 signing bonus and performance bonuses of $25,000 for 600 plate appearances.

Encarnacion batted .251 last season with 26 home runs and 68 RBIs.