Pedro Martinez passed his physical yesterday, and the Mets finalized their $53 million, four-year contract with the pitcher they hope will take them to the postseason.

The Mets scheduled a news conference for Shea Stadium today to introduce Martinez, who turned down a $40.5 million, three-year offer from the Red Sox and told his agent Monday to work out a deal with the Mets. The total guaranteed value of his contract was obtained by the Associated Press from a baseball official who spoke on condition of anonymity.

Martinez, a 33-year-old right-hander, has had shoulder problems at times. He had a physical in New York and passed it, Mets spokesman Jay Horwitz said.

Earlier at a children’s holiday benefit at Shea Stadium, Mets general manager Omar Minaya avoided questions about the agreement. Dressed in a red turtleneck shirt with a Mets’ blue and orange Santa hat in his hand, he said the team generally asks all players with a history of injury to have an MRI exam, saying an exception would be “pretty rare.”

New Mets manager Willie Randolph played with Martinez’s older brother, Ramon, with the Dodgers. Randolph remembered Pedro as a young kid coming up in the Los Angeles organization.

During parts of his seven seasons in Boston, Martinez often was allowed to arrive at the ballpark later than other players and to take long vacations during the All-Star break. Randolph plans to speak with Martinez about rules.

“You don’t have a lot of rules, but there are certain things that everyone has to abide by,” Randolph said. “You can’t have a different set of rules for different people.”

Also yesterday, the Yankees and Diamondbacks spoke about Randy Johnson for the second time in three days, though no new proposals were exchanged.

Meanwhile, the Yankees and Carl Pavano moved closer to finalizing the right-hander’s $39.95 million, four-year contract, a deal that contains a $13 million team option for 2009.

The club also inched closer to an agreement with pitcher Jaret Wright on a $21 million, three-year contract.

The deal will have a provision that gives the Yankees the right to void the third season if Wright has a serious shoulder injury during the first two years that causes him to go on the disabled list for a specified period, which will be set at 60-90 days. If Wright remains healthy, he would gain the ability to void the third year of the contract and become a free agent again.

The Red Sox wasted no time in spending the money opened up by Martinez’s departure, agreeing in principle to a $40 million, four-year contract with former Cardinals shortstop Edgar Renteria.

The agreement, which contains a team option for 2009, was confirmed by a baseball official, speaking on condition of anonymity. Renteria must pass a physical for the deal to be finalized. The four-time All-Star made the final out in Boston’s sweep of the Cardinals, grounding out to pitcher Keith Foulke.

Martinez went 16-9 with a career high 3.90 ERA last year, when the Red Sox won their first World Series title since 1918, and was 117-37 during seven seasons with Boston.

Minaya said the Mets next will try to add offense, focusing on first base and right field, as they try to reach the playoffs for the first time since losing the 2000 World Series to the Yankees.