Hot off the press. Padres have signed a two-year extension with a possible third year option with closer Houston Street. The deal could be worth as much as $21 million.

The deal is as follows:

Street will make $7 million in each of the next two seasons. The Padres own the club option that’s worth $7 million for 2015. There are no buyouts or incentives in the deal, which Street said he “absolutely” set the terms of during negotiations….. Street is making $7.5 million this season as part of a contract extension he signed while with the Rockies on Jan. 27, 2010. He had a $9 million player option for 2013 that the club had the option of declining. Padres.com

Since coming over from the Colorado Rockies, Street compiled 2 wins, an 0.91 ERA, is 17 for 17 in converting save opportunities, and did not allow a home run in his 31 games, earning a selection to his first All-Star Game.

Street will make $7 million in each of the next two seasons. The Padres own the club option that’s worth $7 million for 2015. There are no buyouts or incentives in the deal, which Street said he “absolutely” set the terms of during negotiations.

— Buster Olney (@Buster_ESPN) July 29, 2012