UPDATE (5:07 p.m.): J.D. Martinez will not opt out of his contract with the Boston Red Sox, according to ESPN’s Jeff Passan.

BREAKING: J.D. Martinez will not opt out of his contract with the Boston Red Sox, sources tell ESPN.



By remaining with the Red Sox, Martinez can earn $62.5M over the next three years. He also has an opt-out clause after the 2020 season. — Jeff Passan (@JeffPassan) November 4, 2019

Boston Red Sox slugger J.D. Martinez has until 5 p.m. Monday to opt out of his five-year, $110 million contract and become a free agent. If he does, he will join Washington Nationals third baseman Anthony Rendon as the best hitters on the open market.

If he opts out, Boston could take some of the money earmarked for Martinez and use it on right fielder Mookie Betts, who could make as much as $30 million in arbitration. Red Sox chief baseball officer Chaim Bloom also could take some of the Martinez money and spend it on former Yankees slugger Edwin Encarnacion, whose option was declined by New York.

But if the Red Sox sign Encarnacion, would the Yankees counter by signing Martinez?

MLB.com’s Richard Justice offers an interesting twist on the Red Sox-Yankees dynamic, listing them as two of his seven teams which will define the offseason.

Chaim Bloom takes over the baseball operations of a club facing a long list of decisions: Mookie Betts and Jackie Bradley Jr. are a year from free agency, JD Martinez could opt out of his contract, and his pitching staff needs upgrades. If the Red Sox listen to offers for Betts, it would become the biggest story of the offseason and affect the market for every free agent.

The Yankees are on this list because they are the Yankees. They’ve resisted the big splashy acquisition in recent seasons, but they also haven’t been to the World Series since 2009. That would make Gerrit Cole and Anthony Rendon ideal fits, along with Zack Wheeler, Madison Bumgarner and reliever Will Smith. The Yankees would surprise no one by making an under-the-radar run at Rendon and perhaps JD Martinez if he becomes available.

Martinez in pinstripes sounds intriguing since the 32-year-old slugged 79 home runs in his two seasons with the Red Sox. But he would come with some headaches. While he technically is considered an outfielder, his defense is subpar, meaning the first and best option for Martinez is at DH. But the Yankees already have a pair of defensively-challenged sluggers in Giancarlo Stanton and Luke Voit. If general manager Brian Cashman wants to add a bat to the lineup, it can’t be for one-dimensional players who limit manager Aaron Boone’s options.

The other clubs on Justice’s list of teams which will define the offseason are the Philadelphia Phillies, Los Angeles Dodgers, Texas Rangers, Los Angeles Angels and Chicago White Sox.

Mike Rosenstein may be reached at mrosenstein@njadvancemedia.com. Follow him on Twitter @rosenstein73. Find NJ.com on Facebook