The 27-year-old, the AL Rookie of the Year in 2009, posted a 3.24 ERA in 42 relief appearances with the A's in 2011, compiling 41 strikeouts.
"I love the Bay Area, but if you're going to get traded, I can't think of a better situation for myself and my family to be in," Bailey, who lives in Connecticut in the offseason, told Boston's website (boston.redsox.mlb.com/).
"It's a big market, a big team, and I'm excited about the opportunity to win over there."
In exchange for Bailey and Sweeney, Oakland have acquired Reddick along with minor league pitcher Raul Alcantara and first baseman Miles Head.
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