THURSDAY, 6:58pm: The deal is "really, really close," tweets Buster Olney of ESPN.com, who adds that it's not done yet but the announcement is close.
6:35pm: There is a "conceptual agreement" for the new labor deal, hears Jon Heyman of SI.com, but there are still some specific details to finalize, such as a draft tax (Twitter).
6:01pm: The owners and players have settled on a new, five-year collective bargaining agreement which will be officially announced on Monday, a source tells Ken Rosenthal of FOXSports.com (Twitter links).
Among the expected changes, according to the Associated Press: The newly sold Astros will join the American League in 2013, and Interleague Play will go on throughout the season to account for the odd number of teams in each league. Five teams will make the postseason from each league, perhaps as soon as in 2012.