The Twins and Joe Nathan have agreed to a contract extension through 2011 that includes an option for 2012.

The deal was finalized today after Nathan’s agent, Dave Pepe, cleared up some remaining details. The terms of the contract are not known yet but check back here for updates.

[UPDATE AT 1:40 p.m.] According to a source with knowledge of negotiations, Nathan will make $47 million over four years. That’s $11.25 million a year from 2008-2011 with a $2 million buyout if the 2012 option isn’t picked up. (Don’t know if the 2012 option also is for $11.25 million or not).

Nathan also gets a limited no-trade clause – he can pick three teams he can’t be traded to. It’s the same clause that was in his previous deal.

The deal allows the Twins to keep one of the best closers in the game and potentially stabilizes their bullpens for a few more years.

The Twins have scheduled a 3:30 p.m. press conference down here in Fort Myers. Come one, come all….

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