3:52pm: MLB.com's Alden Gonzalez reports that Cox will remain with the Braves in a consulting role through 2015. Cox also issued a statement:
"I am very excited and honored to be making plans for next year. While I have decided that 2010 will be my last season in the dugout, I want to make it clear that we will all be working as hard as ever to win another world championship for the city of Atlanta and our great Braves fans. I really can't express how proud I am of our team, and how thankful I am that [general manager] Frank [Wren] and [president] John [Schuerholz] have given me the opportunity to retire with the organization that I've been with for almost 30 seasons."
3:09pm: According to the Braves' official Twitter feed, manager Bobby Cox signed a one-year extension Wednesday afternoon while also announcing that he will retire after the 2010 season. The 68-year-old skipper began his latest tenure with the Braves in 1990, and has led them to five pennants and one World Series title. He's also been honored as Manager of the Year four times.
Cox has a 2408-1924 career record in 28 years as an MLB manager with the Braves and Blue Jays. His club is 81-70 this season, 7.5 games back of the Phillies in the NL East and 5.0 games behind the Rockies in the NL Wild Card hunt.