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From Jeff Passan of Yahoo!

Boston Red Sox left-hander Jon Lester, who overcame cancer to become one of the best pitchers in the American League, has agreed to a five-year, $30 million contract extension with a $13 million team option in 2014, a source close to the team told Yahoo! Sports on Saturday.

The deal is contingent on Lester passing a physical Tuesday. The impending deal is the largest given to a pitcher with around two years of service time, doubling the four-year, $15 million deal Cleveland's Fausto Carmona signed at the beginning of last season. If the Red Sox exercise the option, they will have kept Lester off the free-agent market for two years.

The Globe is still confirming this report... but I see no reason not trust Jeff Passan. Also... after extending Youkilis and Pedroia, I'm not surprised to see the Red Sox locking up the youg, core of this team while the market is low.

Now let's give Jason Bay some love... no?

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UPDATE - 4PM SUNDAY - From Amalie Benjamin:

While Lester declined to confirm the report, the pitcher did tell the Globe that talks between his agent, Josh Yates, and the Red Sox had intensified in recent days, saying, "I know that the past couple days have been pretty good."

"I think it's in the process of hopefully at some point getting done," Lester also said, as he left City of Palms Park at 3 p.m. "I couldn't tell you when or what day."

Red Sox president/CEO Larry Lucchino said "I cannot confirm or deny" the report this afternoon.