DETROIT — The Tigers finalized their $16.5 million, three-year contract with right-handed reliever Joaquin Benoit on Friday.

Benoit, who gets $5.5 million a year, reached a preliminary agreement during the general managers’ meetings this week in Orlando, Fla.

The Yankees reportedly discussed pursuing Benoit at their organizational meetings earlier this month.

He had a 1.34 ERA as a setup man for Tampa Bay last season and held opponents to a .147 batting average. Benoit missed 2009 following rotator cuff surgery.

The deal is similar to the one setup man Brandon Lyon signed when he left the Tigers for Houston last offseason.

Detroit also purchased the contracts of pitcher Charlie Furbush and shortstop Cale Iorg from Triple-A Toledo, and pitchers Lester Oliveros, Jose Ortega, Brayan Villarreal and Duane Below from Double-A Erie. Detroit also received cash from Atlanta to complete a July trade for outfielder Wilkin Ramirez.