From an arbitration discussion on MLBTR, Latos may break the record for first-time eligible starting pitchers on one-year deals. The writer predicts $4.6 million.
I imagine this is Jocketty's number-one priority right now, to get a long-term deal going with Mat. You can probably look at Cueto's deal (4/$27m) as a starting point. Latos is almost exactly the same age as Cueto was when he got his contract. I'd guess something like 4 years, $30 million, starting with $4 million in 2013.