Latest On Roy Oswalt

SATURDAY, 9:05pm: Gerry Fraley of The Dallas Morning News reports that the Rangers will meet with Oswalt on Monday, assuming he's still a free agent by then. Fraley reiterates that Texas has not made the right-hander an offer.

2:14pm: The Rangers haven't made an offer to Oswalt either, tweets Ken Rosenthal of FOX Sports.  Texas is interested in the veteran, but like the Cardinals, he's not an obvious fit for the club.

1:39pm: The Cardinals insist that there's no deal in place with Oswalt, according to Joe Strauss of the St. Louis Post-Dispatch (via Twitter).  General Manager John Mozeliak also denied that the club is near a deal with Oswalt, writes Matthew Leach of MLB.com. 

8:03am: Oswalt is likely to sign with the Cardinals "soon," reports Gordon Edes of ESPN Boston. His source cautioned that it's "not yet 100 percent," however. Jon Heyman of CBSSports.com reports that Oswalt turned down a one-year, $10MM offer from the Tigers, and that being close to his Mississippi home is a major factor in his decision.

FRIDAY, 9:30pm: The Cardinals are close to a deal with veteran right-hander Roy Oswalt, reports Jim Duquette of MLB Network Radio (Twitter link). The Red Sox and, surprisingly, the Astros are still contenders for Oswalt's services. Mike Silverman of the Boston Herald (via Twitter) confirms these three teams are in the mix and says it could be "another day or two" before a decision is made.

We heard two days ago that both the Cards and Red Sox had made Oswalt offers, with the St. Louis offer worth roughly $5MM.  Oswalt has long expressed a desire to pitch for the Cards, so this could be why he is considering the club's modest offer. The Astros' involvement is totally out of left field since it was presumed they wouldn't be making any significant money this winter, but they could be looking to sign Oswalt and then flip him at the trade deadline. It's hard to imagine Oswalt turning down several contenders to return to Houston but it's possible Oswalt has a sentimental attachment to his original team.

Oswalt would provide quality depth to a St. Louis rotation that includes Chris Carpenter, Adam Wainwright, Jaime Garcia, Kyle Lohse and Jake Westbrook. Wainwright is returning from Tommy John surgery, Garcia's durability could be a concern after a major increase in innings pitched (220 1/3 regular season and postseason innings in 2011, up from 163 1/3 IP in 2010) and Westbrook didn't have much value aside from eating innings.

Mike Axisa and Zach Links contributed to this post.