Any time a team can add a three-time Cy Young winner who has a World Series ring and can still throw 90 mph as a fifth starter, it’s usually a good thing. And when that three-time Cy Young winner only costs the club $1 million, it’s a great thing.

The defending World Series champion Philadelphia Phillies signed Pedro Martinez to a one-year, $1 million contract on Wednesday in hopes he can rekindle some of the magic that has made him an eight-time All-Star over his career. While they did have to immediately place him on the 15-day DL with an shoulder strain, the club thinks that Martinez might be ready to pitch on July 30 when the Phillies open a series in San Francisco.

This was a low-risk, high-reward signing for the Phils. Given Philly’s offensive firepower, Martinez essentially just has to give the club quality outings. They don’t need him to strikeout 10 batters a game or work into the eighth inning every outing, they just need him to stay healthy and keep them in ballgames. And even if he doesn’t stay healthy, then the Phillies would be in no worse shape then they were before they signed him.

If Pedro pitches well and the Phils can hold off the Marlins, Braves and Mets in the NL East, then the Phillies will have a starting postseason rotation of Cole Hamels, Joe Blanton, J.A. Happ and Martinez, with Jamie Moyer moving to the pen to provide some long relief. That’s not a bad rotation, especially if Happ (6-0, 2.90 ERA, 1.17 WHIP) can continue pitching as well as he has up to this point in the season.

Again, if Martinez’s arm or shoulder craps out again, then the Phillies essentially waste $1 million this year. But if he pitches well, then he was worth the investment – especially considering he wanted $5 million for one season (or so reports claim).

According to ESPN.com’s Jayson Stark, the defending champion Phillies are interested in free agent pitcher Pedro Martinez, perhaps even more than they’re letting on.

The source, who is well-connected in the Dominican, says he was also led to believe the Phillies have let Martinez know what they were willing to pay him for the rest of this season and that that amount was likely to be less than the prorated $5 million contract, plus incentives, that he has been seeking.

“The decision to sign him depends on the front office, but as far as we are concerned, we saw a Pedro Martínez ready to help a team,” Phillies scout Robinson Garcia told ESPNdeportes.com’s Enrique Rojas after the workout.

Phillies’ GM special assistant Charley Kerfeld was also present at the workout. It’s believed that no other clubs were present.

Phillies front-office officials declined to comment on Martinez’s workout.

“I am surprised, I didn’t think he would be in such good shape,” Garcia told Rojas. “His fastball was good, between 88 and 91 miles, and all his breaking pitches were moving very well.

“Pedro won’t have problems throwing his fastball at 93 miles per hour. He really had a great session with us,” he said.

Considering his pass injury issues and his age (37), the $5 million Pedro is asking for is a bit much. Then again, if he’s still throwing 93 mph then $5 million might be a bargain for a team like the Phillies, who are seeking to bolster their starting pitching depth.

One way or another, it looks like Martinez will pitch for somebody this year. The Phillies and Cubs have already expressed interest and I’m sure there will be more.

According to a report by the Chicago Tribune, the Cubs sent a scout to watch Pedro Martinez work out in the Dominican Republic and are considering signing the veteran right-hander to add to their rotation. Apparently the Rays are another team that has shown interest in Martinez.

Unless Martinez can hit with runners in scoring position, I don’t see how he could have an immediate impact for the Cubs. Starting pitching isn’t the problem right now for Chicago – offense is. And while adding another arm to a rotation that features the oft-injured Rich Harden isn’t a bad idea, I’m a little surprised the Cubs aren’t popping up in more trade rumors involving bats.

Right now the Cubs are either in denial about their offensive woes or they’re just being extremely patient. Aramis Ramirez (shoulder) should come off the DL soon, which will certainly help, but if the club is simply holding out for players like Alfonso Soriano and Geovany Soto to catch fire, then they could be waiting awhile. (It would be nice if Milton Bradley resembled a baseball player once in awhile, too.)

There are worse ideas than the Cubs adding a healthy Martinez to their starting rotation. But I wonder if this is just the club’s way of trying to appease the fans after failing to trade for Jake Peavy and not an attempt to turn things around. Because if the Cubs were really trying to address needs, then they’d be concentrating on adding bats right now – not arms.