Free agent center fielder Angel Pagan, a cornerstone of the San Francisco Giants' World Series championship run, reached an agreement with the Giants on a four-year contract that will pay him $40 million.
The deal is dependent on Pagan passing a physical.
"That's a pretty big need," Bochy told MLB.com. "We needed a center fielder and a leadoff hitter, and we took care of both with him coming back."
Pagan will receive a $5 million signing bonus and annual salaries of $7 million salary in 2013, $9 million in 2014, $9 million in 2015 and $10 million in 2016.
Pagan, 31, hit .288 with eight home runs, 56 RBI and a league-leading 15 triples in his first season with the Giants.
The team took off when he was moved to the leadoff spot on Aug. 3.
Re-signing Pagan was a high priority for the Giants.
"The fact he played such a key role for us at the top of the order and up the middle (of the field) was really a huge motivator," assistant GM Bobby Evans said.
Pagan was also interested in playing for Atlanta or Washington, but the Braves acquired B.J. Upton and the Nationals obtained Denard Span.
Pagan was also negotiating with the Phillies, according to Comcast SportsNet Bay Area, but when the Phillies would not commit to a fifth year on a contract, Pagan accepted the Giants' offer.
San Francisco's next offseason priority is re-signing free agent second baseman Marco Scutaro, who was the MVP of the National League Championship Series.
Evans acknowledged that news of the New York Yankees losing Alex Rodriguez to hip surgery could impact Scutaro's market value.
"In (Scutaro), you have the ability to play second, third and even shortstop," Evans said, according to the San Jose Mercury News. "That gives him an additional market. Any time you have a year like he had, it's going to make clubs look long and hard."