10:28pm: Ian Browne confirms that the Red Sox have an 11:30am ET press conference scheduled tomorrow to announce the Cameron signing and a second press conference at 1:30pm ET to announce the Lackey signing.
5:10pm: Mike Silverman of the Boston Herald says "no finality" on Lackey's deal tonight but the Red Sox have two press conferences scheduled for tomorrow presumably to announce the deals for Lackey and Mike Cameron.
4:52pm: The two sides are in the final stages of the agreement, according to Nick Cafardo of the Boston Globe. They're working out the language of the contract, which will protect the Red Sox against a pre-existing medical condition.
2:48pm: Scratch that. Olney now says it's for $82.5MM over five years, just like the A.J. Burnett deal. There are no extras or incentives involved.
TUESDAY, 2:15pm: ESPN.com's Buster Olney says the deal's worth $87.5MM.
MONDAY, 2:55pm: Heyman says the Red Sox and Lackey are in agreement in a five-year, $85MM deal.
1:41pm: Yahoo's Tim Brown has an Angels source who believes they're still in the running for Lackey and the pitcher has not accepted a Boston offer. Still, SI's Jon Heyman heard a five-year, approximately $85MM figure for a Boston deal.
1:03pm: ESPN's Jerry Crasnick has a source saying an agreement is "not likely" by the end of the day.
11:52am: Ken Rosenthal of FOX Sports says Lackey had a physical today with the Red Sox, which is "an indication that he is close to an agreement with the team." Rosenthal expects the deal to be in the range of A.J. Burnett's five-year, $82.5MM contract, yet the FOX reporter is unsure the Sox would guarantee five years. If the Red Sox complete a deal with Lackey, the Angels would get Boston's #29 draft pick and the Blue Jays would be bumped to #67 or worse for Marco Scutaro.
Rosenthal also notes that the Red Sox are trying to sign Josh Beckett to an extension. Beckett, 30 in May, is up for free agency after the 2010 season.
10:47am: AOL FanHouse's Ed Price heard from a source that John Lackey will take a physical with the Red Sox. Price says he is "working to confirm" the rumor, but he found it Twitter-worthy.