The Red Sox will tender a contract to Andrew Bailey, a source tells Joel Sherman of the New York Post (on Twitter). Sherman surmises the reliever can serve as insurance for the incumbent closer Koji Uehara and/or become a valuable trade chip this summer. MLBTR contributor Matt Swartz projects that Bailey will earn $4.3MM through arbitraton, after earning $4.1MM during an injury-plagued 2013.

Bailey underwent shoulder surgery in July and is expected to miss the first half of the 2014 season making him a non-tender candidate. Brian MacPherson of the Providence Journal reports Bailey has made twice-weekly trips to Boston since the end of the season to work with Red Sox physicians and trainers and will begin his throwing program in January. The 29-year-old, however, refused to put a timetable on his rehab.

"I don't want to say I'm ahead of schedule, but things are going really well," Bailey told MacPherson.

Bailey saved eight games and pitched to a 3.77 ERA, 12.2 K/9, and 3.8 BB/9 in 28 2/3 innings (30 innings) before landing on the disabled list. Since being acquired by Boston two years ago, Bailey has struggled with thumb and shoulder injuries limiting his production to 14 saves in 49 appearances covering 44 innings. In his previous three seasons with Oakland, Bailey was the 2009 AL Rookie of the Year and a two-time All-Star with 75 saves in 157 appearances (174 innings).

Edward Creech contributed to this post.