2:10pm: Agent Bob Garber confirmed to reporters that Oswalt will stay in shape and look to sign with a contender midseason, according to Jon Heyman of CBSSports.com (on Twitter).

12:09pm: Roy Oswalt has told MLB teams that he may sign midseason, ESPN.com's Jerry Crasnick reports. The free agent right-hander explained that he intends to stay ready in case an appealing opportunity emerges before midseason.

The Red Sox, Rangers, Cardinals and Reds were among the many clubs to express interest in Oswalt this offseason. It appears that they didn't have enough room in their rotations or budgets for the 34-year-old, who seeks a one-year deal and a job as a starter.

Roger Clemens, a former teammate of Oswalt's, sat out the beginning of the season in 2006 and 2007 before signing midseason and Pedro Martinez had a similar approach to the 2009 campaign.