According to Sanspo, it appears as though Terrmel Sledge has agreed to terms with the Bay Stars and an official announcement will be made on Thursday.
No other details are known at this time.
=== UPDATE 9:06am JST
Looks like it's a 2-year deal.
=== UPDATE 5:58pm JST
The Bay Stars announced that they signed Sledge to a 2-year deal worth 180M yen a year, plus incentives. His uniform number will be 3.