3:34pm: Nick Cafardo of the Boston Globe says Bay is still a top priority for the Red Sox, who are "trying to build on" their rejected $60MM offer. Cafardo says that offer was over five years, though most have reported it to be over four.
8:30am: How much do you trust the information of "one rival executive?" Such a source makes for the basis of the latest blog post from Ken Rosenthal and Jon Paul Morosi of FOX Sports. This exec told the FOX writers that the Red Sox prefer Matt Holliday over Jason Bay, and do not intend to re-sign Bay despite ongoing negotiations.
The writers go on to explain that the Red Sox would stand to gain a draft pick by signing Holliday instead of Bay. They'd lose their #29 pick to the Cardinals by signing Holliday, but would get a pick back from the team that signs Bay and would also receive a supplemental pick. Furthermore, the writers believe Bay will not be signed by a team with a protected first-round pick (such as the Mets).