10:06am: The O's and Balfour have exchanged parameters, according to Kubatko (Twitter link). The Orioles are still haggling Balfour, tweets Jon Heyman of CBS Sport. As Heyman notes, Chris Perez and Axford are alternative options.
(Note: MLBTR misinterpreted Heyman's original tweet to mean that the O's are haggling with Perez and Axford, which is not the case. Thanks to Jon for the correction.)
9:28am: The Orioles haven't made a former offer to Balfour, but that step is likely coming later today, and Baltimore is considered the favorite to land his services, per Kubatko (on Twitter).
9:11am: The Orioles are "trying to get a deal done" with free agent closer Grant Balfour, tweets Ken Rosenthal of FOX Sports. Roch Kubatko of MASNsports.com tweets that Balfour and Baltimore are currently in talks, though no deals are in place. Eduardo A. Encina of the Baltimore Sun tweets that the O's have also met with John Axford's agents this week.
The Orioles traded Jim Johnson and his projected $10.8MM salary to the Athletics and have been said to be in the market for a more affordable closer. Balfour and Axford would both represent more affordable alternatives, though Balfour's price tag figures to be steeper than Axford's, as the latter of the two was non-tendered. The savings on Balfour may not be great in comparison to Johnson's salary, though Axford could certainly represent a significant cost-savings.