MONDAY, 10:09am: Fay says Marshall will talk about the extension later today. For now, the lefty commented, "I can't say anything. But I'm very happy."
SUNDAY, 2:11pm: John Fay of the Cincinnati Enquirer tweets that GM Walt Jocketty also confirmed a deal is close and that the two sides want it done before games start.
MLB.com's Mark Sheldon adds that Jocketty says the deal could be done soon:
“We are talking to him,” Reds general manager Walt Jocketty said on Sunday. “It could be done soon. When we traded for him, it was also looking to sign him for the long term.”
11:49am: Marshall confirmed the report, saying that a deal could be worked out by tomorrow, tweets John Fay of the Cincinnati Enquirer (via Twitter).
11:16am: The Reds and Sean Marshall are making progress on a multiyear extension and a deal could be announced early this week, sources tell Jon Paul Morosi of FOX Sports (via Twitter). The left-hander is set to become a free agent after this season.
Marshall, 29, is set to earn $3.1MM in 2012 in the final season of a two-year deal he signed with the Cubs. MLBTR's Dan Mennella recently looked at what it would take for the Reds to sign him to a new deal and noted that Meister Sports Management will likely use the three-year, $15MM deal lefty Scott Downs signed with the Angels as a starting point.
Steve Adams contributed to this post.