The deal, first reported by the Atlanta Journal-Constitution, is pending a physical.

Lowe, 36, is the third starting pitcher added by the Braves this season, joining right-hander Javier Vazquez and Japanese right-hander Kenshin Kawakami.

The team's next step will be to add a bat, and the club has spoken with the Yankees about their available hitters, Xavier Nady and Nick Swisher, sources said.

The Mets, the other principal suitor for Lowe, will now attempt to sign one of the remaining free-agent left-handers, Oliver Perez or Randy Wolf. They also could attempt to re-sign free-agent righy Pedro Martinez.

Both Perez and Lowe are represented by Scott Boras, who routinely seeks — and secures — high-dollar contracts for his clients.

Wolf is represented by Arn Tellem, who also is one of the agents for Francisco Rodriguez, the free-agent closer the Mets recently signed to a three-year, $36 million contract.

The Braves offered Lowe a fourth guaranteed year on the condition that he accept the deal quickly. Their proposal trumped the Mets' three-year, $36 million offer by a wide margin, but the Braves did not want to lose Lowe after failing in attempts to land pitchers Jake Peavy and A.J. Burnett and shortstop Rafael Furcal earlier this offseason.

In addition to the financial package, the Braves sold Lowe on the idea of working with pitching coach Roger McDowell, a former major-league reliever who — like Lowe — relied on a sinkerball as his primary pitch.

Lowe has averaged 208 innings and a 3.79 ERA the past seven seasons while pitching for the Red Sox and Dodgers. He has never been on the disabled list, and is 126-107 lifetime with a 3.75 ERA.

Kawakami, the 2004 Central League MVP, has won 112 games in 11 seasons in Japan and was regarded as one of the top free-agent pitchers from Japan available this offseason. The 33-year-old was 9-5 for the Chunichi Dragons last year, though he missed several weeks with a strained back.