9:02pm: Urbon tells Gordon Edes of ESPNBoston.com that nothing will be decided this weekend (via Twitter). Earlier today, Jon Heyman tweeted that he believes the Mets would be willing to give Bay a five-year deal if neccessary.
4:46pm: A major league source told WEEI.com that one club has "extended past" a five-year deal for Jason Bay – which could mean a five-year deal or a four-year deal with an option. Meanwhile, Ian Browne of MLB.com says that it's "starting to appear unlikely" that Bay will remain with Boston.
2:55pm: Bay has rejected Boston's latest proposal, according to Ken Rosenthal of FOX Sports (via Twitter). Bay's agent Joe Urbon told Rosenthal there are "other offers on the table that are of greater interest" to his client.
The last known offer from the BoSox was a four-year pact worth $60MM. It has been said that Bay is seeking the security of a five-year contract.
10:14am: A team source indicated to The NY Post's Bart Hubbuch that the Mets' offer to free agent Jason Bay is heavily backloaded, starting out with a $10MM salary in the first year before ballooning to $20MM in the final year. Hubbuch notes that this is common practice for the Mets under Omar Minaya, citing Carlos Beltran's similarly structured deal.
Yesterday we learned that Bay's agent countered Boston's original four year, $60MM offer by asking for six years at $16-18MM annually. The general belief is that a fifth year will land the free agent.