6:37pm: The deal is now in the language stage, tweets Nick Cafardo of the Boston Globe.
6:23pm: The deal will also include incentives that can boost the overall value to $30MM across two seasons, Bradford tweets.
6:10pm: Once the deal is finalized, it will be for two years and at least $26MM, tweets Rob Bradford of WEEI.com (via Twitter).
5:20pm: Two sources told Pete Abraham of the Boston Globe (via Twitter) that they expect Ortiz to sign a deal before the night is out.
4:50pm: The sides are "very close" to a deal, Rob Bradford of WEEI.com reports (on Twitter).
NOVEMBER 2nd, 9:47am: The Red Sox and Ortiz are starting to close the gap in their negotiations, Nick Cafardo of the Boston Globe reports (on Twitter). Texas' interest is real, Cafardo writes.
11:02am: It appears likely that Ortiz will hit the open market, Rob Bradford of WEEI.com reports. Boston's exclusive negotiating period ends Saturday morning, at which point Ortiz will be free to discuss a contract with any team. The Red Sox are expected to extend Ortiz a one-year qualifying offer.
NOVEMBER 1st, 8:13am: The sides hope to bridge the "modest gap" and agree to a contract within the next 24 hours, Nick Cafardo of the Boston Globe reports (on Twitter).
OCTOBER 23rd: Pete Abraham of the Boston Globe hears from both sides that Ortiz isn’t close to a deal, though talks are amicable (Twitter link).