The club confirmed the signing Wednesday morning, and said that Martinez will be placed on the 15-day disabled list with a mild right shoulder strain, and that it had not determined when or where he will begin a rehabilitation assignment.
A news conference was scheduled to be held at noon ET on Wednesday.
Phillies general manager Ruben Amaro Jr. declined comment just hours after Martinez passed his physical on Tuesday in Philadelphia. But one source said the contract is worth about $1 million, plus about $1.5 million in incentives, which is less than the prorated $5 million contract Martinez reportedly had been seeking earlier this season.
The Phillies watched Martinez, 37, pitch twice last week at their baseball academy in the Dominican Republic. They came away impressed and flew Martinez to Philadelphia late Monday night to take a physical.
Martinez has not pitched regularly since last season with the Mets, when he went 5-6 with a 5.61 ERA. He told two Philadelphia TV stations at the airport Monday night that his health and the death of his father affected his performance last season.
But while Amaro would not confirm if Martinez had signed or even passed his physical, he said Martinez would need to pitch in the Minor Leagues before he is ready to join the Phillies' rotation. That could mean at least two or three rehab appearances.
"We're still trying to assess where he is," Amaro said. "He would need some time [in the Minors], absolutely."
Amaro also said Martinez's arrival would not preclude them from making other moves, including the pursuit of Blue Jays right-hander Roy Halladay.
"We're going to try to improve the team either with starting pitching or a bullpen piece or a bench piece," he said.
Halladay remains a hot topic of conversation, and he will through the July 31 non-waiver Trade Deadline. The issue with the Phillies is not Halladay's contract, which runs through 2010. It is prospects. Who do the Blue Jays want? And who are the Phillies willing to give up?
"There are some untouchables," Amaro said. "But again, each situation will make you think how to handle those situations. There are some guys I absolutely would not want to trade. We're fortunate that we've built more depth in our system to be able to have our discussions."
But "would not want to trade" certainly is different than "will not trade."
So are there players Amaro absolutely will not deal?
"There are guys we will not trade," Amaro said.
Several Phillies All-Stars said Monday they see a small window of opportunity for the Phillies, and would like to see the front office go for it with a bold move like acquiring Halladay.
"If I was in their shoes I would do the same thing," Amaro said. "We obviously want to win as well. That's what this is all about. At the same time, that's the balance of trying to win now and trying to win for several years. If we had our druthers, we'd win now and we'd win later. That's where this gets tricky."
Amaro said he has talked with about 20 teams about potential trades, but would not say if he is optimistic about any talks he has had.
Todd Zolecki is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.