The Orioles have, for all intents and purposes, completed deals with all of their arbitration-eligible players, agreeing to terms Saturday afternoon with the final one, right-handed reliever Darren O’Day on a two-year extension worth a guaranteed $5.8 million.

The Orioles said the deal is not yet completed, but they are nearing a multiyear extension with O’Day, who was 7-1 with a 2.28 ERA in 69 games last year.

“It is something he asked us to explore during the course of negotiations for a one-year deal and we are taking a look at it ... and there is work to be done,” Orioles executive vice president Dan Duquette said. “The club always has conditions to be met before agreeing to a multiyear deal and currently not all of those conditions have been met.”

Duquette would not go into specifics, but the Orioles, as policy, require physicals for contract extensions. The club’s pitchers are scheduled to take their annual physicals in Sarasota, Fla., on Wednesday, so it’s conceivable that an announcement will not be made until after that.

However, O’Day’s agency, the Beverly Hills Sports Council, announced on Twitter that its client had agreed to a two-year deal with a team option for 2015.