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Source: Bay to sign with Mets

12.29.09 at 2:24 pm ET

WEEI.com’s Alex Speier has confirmed via a major league baseball source that free agent outfielder Jason Bay has agreed to a four-year deal with the New York Mets worth $66 million. The deal also includes a vesting option for a fifth year that could bring the worth of the package over $80 million. According to the source, the fifth-year option was part of the original proposal presented by the Mets. The deal won’t be finalized until early next week, as Bay still has to pass the physical administered by the Mets.

WFAN’s Mike Francesa was first to report the agreement. Although the Red Sox were talking internally about adjusting their organizational budget to potentially make another run at Bay, it has been believed that the Mets were the only team with an offer in vicinity of what Bay was looking for.

If Bay does land with the Mets, the Red Sox will receive New York’s second-round pick in the 2010 amateur draft along with a supplemental pick as NY’s first-round pick (No. 7 overall) is protected since no team with a pick within the draft’s top 15 selections is subject to losing it via the signing of a Type A free agent.

To listen to the audio of Francesa’s report click here.

Check back later for more …

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