Varitek Exercises Player Option

3:47pm: Varitek exercised his option to return to the Red Sox, writes Peter Abraham of the Boston Globe.

9:36am: Jason Varitek must decide on his $3MM option by midnight tonight, according to Michael Silverman of the Boston Herald.  Varitek must choose between his Red Sox ties and more playing time (and perhaps less money) elsewhere.  We'll keep you updated.

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