5:22pm: WEEI Alex Speier has the year-by-year breakdown of Lester's deal. He'll be paid pretty well over the next five years.
11:08am: Gary Dzen of Boston.com reports the Red Sox have announced the five-year deal. No details were given.
10:41am: Ron Borges of the Boston Herald reports the Red Sox and Jon Lester are expected to announce the signing of his $30MM extension this morning. The extension is expected to include a $13MM club option for 2014.
The cat was out of the bag last Sunday when Yahoo! Sports' Jeff Passan had the scoop.