According to multiple sources, including Padres.com, the Padres are close to a deal with Yorvit Torrealba.  Here is an excerpt from Corey Brock's story:

The Padres' roster construction continues as Spring Training approaches. The newest addition appears to be free agent catcher Yorvit Torrealba, who is close to being signed to a one-year contract, a source said on Wednesday.

The Padres were hopeful that they could sign a veteran catcher to spell Nick Hundley on occasion. They acquired Dusty Ryan from Detroit in December and were prepared to go to Spring Training with him as the backup.

After a slow start to the offseason, Jed is really putting together this team rather quickly.  It was rumored that after the Garland deal the Padres had around $500k left to spend filling out the roster.  Torrealba will likely make around $1.5-2 million backing up Nick Hundley, and be the last addition to the roster before Spring Training. 

Torrealba has spent most of his nine career seasons playing in the NL West, so being in San Diego will be nothing new to him.

I really like the move by Jed. It gives the Padres a solid veteran presence on the bench at a very reasonable price.

UPDATE:

According to a tweet from Buster Olney of ESPN, the Torrealbla signing is official:

The terms on Yorvit Torrealba's deal with SD: One-year, $1.25 m. guaranteed. $750,000 base salary for '10, $500,000 buyout on mutual

If he really was offered 2 years from the Rockies, Torrealba has to be some what dissappointed at signing as a back-up in San Diego.  I'd like to think it would make him more motivated going into the season, but as a backup I'm not sure how that would make too much of a difference.

But overall, solid signing for Hoyer.