(Reuters) - The Boston Red Sox have hired John Farrell as their new manager, Major League Baseball reported on its official website on Saturday.

A pitching coach at the Red Sox from 2007-10, Farrell returns after two seasons in charge of Boston's American League East rivals Toronto, where he compiled a 154-170 record.

Local media are reporting the deal will be for three seasons with a possible option for a fourth.

Farrell had one-year remaining on his deal with the Blue Jays and as such, further compensation between the ballclubs is to be finalized.

The 50-year-old takes over from Bobby Valentine, who was fired by the Red Sox after just one season in which Boston went 69-93 to finish bottom of the division.

(Reporting by Ben Everill in Los Angeles; Editing by John O'Brien)