4:21pm: The Red Sox announced that Francona won't be back.
8:38am: The Red Sox and manager Terry Francona will part ways, according to Jon Heyman of SI.com (all Twitter links). Francona's three-year, $12MM deal included club options for 2012-13 worth $8.75MM in total ($750K buyout) and the Red Sox could announce their decision to decline the options today.
Francona, 52, has led the Red Sox to two World Series Championships this decade. The Red Sox won it all in 2004, their first season under Francona, and again in 2007. The Red Sox have a 744-552 record in eight seasons under Francona. They finished the 2011 season with a 90-72 record and missed the playoffs by one game after an extended late-season slump.
The White Sox are looking for a manager, but Heyman hears Francona isn't high on Chicago's list of candidates.