Time to dust off the #45 jersey.

After lots of speculation, Pedro Martinez will be a Phillie after the future Hall of Famer passed his physical with the Phillies.

Pedro didn’t get what he was initially looking for more money than he actually got, but in the end he’ll get something else he’s no doubt interested in: a chance to win another World Series.

After helping lead the Boston Red Sox in 2004 to their first World Series championship in 86 years, Pedro left Fenway for Shea with big expectations. He never fulfilled the promise, though, going 32-23 with a 3.88 ERA over 4 seasons. His best season was his first, when Pedro went 15-8 with a 2.82 ERA and 208 Ks.

Various injuries and stays on the DL sidetracked the last 3 years of Pedro’s Mets tenure, and gave Phillies fans excessive bouts of schadenfreude.

Now, we hope he’s got enough left in the tank to help fill out a Phillies starting rotation that has been a soft spot for them in 2009.

The Phillies don’t like wasting money, especially when they are paying Adam Eaton and Geoff Jenkins millions of dollars to pick lint out of their belly buttons this year. So they must have seen enough of Pedro to feel as though he will be able to legitimately be able to help them the rest of the way. Pedro, for his part, has something to prove to himself, the Mets and plenty of others who think he’s over the hill at 37.

For $1,000,000, it’s the definition of a low risk, high reward play by the Phils.