Milwaukee, WI -- (Sports Network) - All-time saves leader Trevor Hoffman has agreed on a new deal to stay with the Milwaukee Brewers next season.

The sides reached terms Monday on a one-year contract worth $8 million with a mutual option for 2011. The team will likely officially announce the deal later this week.

Hoffman signed with the Brewers in January after spending 16 seasons with San Diego. He finished his first year in Milwaukee with 37 saves, a record of 3-2 and a 1.83 earned run average in 55 games.

The veteran right-hander, who was an All-Star for the seventh time in 2009 and will turn 42 this month, has 591 career saves. He broke into the big leagues with Florida in 1993 and was traded to the Padres later that season.