The Orioles announced today that they officially have signed shortstop Cesar Izturis to a one-year, $1.5 million deal. He could more than double that value based on certain incentive bonuses.

The sides had agreed to terms in December, but it wasn’t official until Izturis took and passed his team physical, which he did Tuesday. Izturis lives in Venezuela in the winter and already had a team physical at the end of the 2010 season, so there was no real rush in getting him back to Baltimore.

Izturis was the club’s starting shortstop in 2009 and 2010. He will now be the Orioles’ utility infielder, backing up newly acquired shortstop J.J. Hardy and second baseman Brian Roberts.

Izturis, 30, batted .230 (109-for-473) in 150 games with the Orioles in 2010. He was second in fielding percentage (.985) and fifth in assists (382) and putouts (212) among American League shortstops last season.

Now up on the medical table is Derrek Lee. The first baseman’s physical is scheduled for today, and his one-year deal should be officially announced by Thursday, assuming all goes well medically.

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