8:54pm: Reyes' deal does not include a no-trade clause, Ken Rosenthal of FOX Sports tweets.

8:47pm: The Marlins and Reyes have agreed to a six-year, $106MM deal, pending a physical, tweets Ken Rosenthal of FOX Sports.

8:35pm: Mets GM Sandy Alderson addressed the media and confirmed that if the Marlins are offering a six-year, $111MM deal, the Mets won't be able to compete, tweets Adam Rubin of ESPNNewYork.com. Furthermore, the Mets have yet to make a concrete offer to the shortstop, tweets Mike Puma of the NY Post.

8:21pm: Reyes to the Marlins appears to be imminent, but Juan C. Rodriguez of the Sun Sentinel (via Twitter) continues to hear that the numbers are less than those being reported.

7:57pm: The Marlins and Reyes are close on a six-year deal, believed to be for $110MM, tweets Ken Rosenthal of FOX Sports.

7:49pm: The reported terms of $111MM over six years are definitely not correct, an American League source tells Juan C. Rodriguez of the Sun Sentinel (via Twitter). Rodriguez stresses that this doesn't mean that the Marlins aren't closing in on Reyes.

6:37pm: The Marlins came to the meetings with the idea of bumping their offer to Reyes and setting a deadline, but now they've upped the offer so much that they may not need to give the shortstop a deadline, tweets Jon Heyman of SI.

6:29pm: The Mets are now aware of the Marlins $100MM+ offer and are out of the bidding, Joel Sherman of the New York Post tweets. Barring a change of heart, it would seem that Reyes is leaving New York. The Mets were willing to go to a five-year deal for $75-85MM with an option for a sixth year to take the deal over $100MM, but felt that they were stretching for the five-year deal and won't extend to a sixth, Sherman tweets.

6:15pm: The Mets have not been alerted yet by the Reyes camp of the reported six-year, $111MM deal and if the numbers are accurate, it would mark a dramatic increase from what the Mets heard 48 hours ago, according to Joel Sherman of the New York Post (Twitter links).

The Mets and Brewers had planned to offer Reyes something in the range of $75-80MM, says Jon Heyman of SI (via Twitter).

5:53pm: The Marlins have offered Jose Reyes a six-year, $111MM deal, a source tells Enrique Rojas of ESPNDeportesLosAngeles.com (Spanish link). The deal would pay $106MM for six years with a $22MM option for a seventh season with a $5MM buyout.

This marks a significant increase from Miami's offer a few weeks ago, which was reportedly in the neighborhood of $90MM over six years. It was recently reported that Reyes might be down to just the Marlins and Mets, but the Brewers have also made plans to meet with the shortstop's agents this week.

Rojas' source also says that the Marlins are the favorite to land Albert Pujols if he does not return to St. Louis.