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From Tony Mazz at the Boston Gobe:

According to a baseball source, the Sox have formally presented an offer to Varitek's agent, Scott Boras, that could appease the catcher's desire for a second guaranteed season. While the precise value or term of the proposal was unclear, the Sox could ensure Varitek a second year by guaranteeing it outright or making it attainable through an option.

In the latter scenario, Varitek could trigger the option through reachable incentives (like at-bats or games played), or the club could grant him a straight player option for the 2010 season. Another possibility would involve a dual option, first giving the Sox the choice of bringing back Varitek next season (at a higher number) and, subsequently, Varitek the right to return on his own volition (albeit at a lower number than the team's option).

Bottom Line: Spring Training is three weeks away. I'm kind of shocked that this is still taking so long... That said, we've heard more Tek news than we have Salty, etc. news lately - which tells me that Tek is the catcher the Red Sox prefer right now.

But I wouldn't be surprised to see a move during Spring Training, when the 25-man rosters start shaping up...