According to Tony Massarotti of the Boston Globe, the Red Sox have made a formal proposal to Jason Varitek that could satisfy both sides.

Though the exact terms of the offer are unclear, Massarotti reports that a baseball source said that the offer could include a second year for the 36-year-old catcher. Varitek rejected the Red Sox arbitration offer in December that could have been worth $10-12MM in 2009.

With pitchers and catchers scheduled to report to spring training in less than three weeks, it would be ideal for both sides to reach an agreement sooner rather than later.