The White Sox and Hendriks have agreed on a three-year deal with an option for a fourth year worth a guaranteed $54 million.
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As a closer for the Oakland Athletics last season, Hendriks, 31, appeared in 24 games and recorded 14 saves with a 1,78 ERA and a 0.67 WHIP.
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Passan reports that Hendriks will make $39 million over the first three years of the deal. The buyout and salary for the fourth year option is $15 million. If the White Sox decline the option, the $15 million will be paid over multiple years.
Last season, Alex Colome served as closer for the White Sox, with 12 saves, a 0.81 ERA and a .940 WHIP. Colome is currently a free agent.