BOSTON -- The Red Sox made a contract offer to free-agent pitcher Jon Lester when he met with the team's owners earlier this week and are also preparing to make an offer to free-agent third baseman Pablo Sandoval, according to major league sources.

Jon Lester has an offer on the table from his former team, the Red Sox, a source said. Rick Stewart/Getty Images

Terms of the offer to Lester were not disclosed, but the Boston Globe -- citing someone who was present when the offer was made -- reported that the Red Sox pitched a six-year deal in the range of $110-120 million. A source said he did not expect the left-hander to make a quick decision.

Lester's agent, Seth Levinson, would not comment on negotiations with his client other than to say the Red Sox "extended great respect to Jon." Still to be determined, of course, is whether that respect was sufficient to induce the pitcher to return to Boston.

Sandoval arrived in Boston on Monday and spent Tuesday at Fenway Park meeting with Red Sox brass. Michael Sandoval, Pablo's older brother and one of his agents, said Thursday they are still waiting to receive an offer from the Red Sox.

The Red Sox, who have made signing the 28-year-old Sandoval one of their top offseason priorities, are seen as the biggest threat to the incumbent San Francisco Giants for his services. The Kung Fu Panda played a huge role in the Giants' 2012 and 2014 title runs, but the team did not discourage him from testing his value on the free-agent market.

The Red Sox have the financial flexibility under the luxury tax threshold to handle a price tag of at least $90 million that Sandoval may be wearing. But given the weight issues that have saddled Sandoval since 2010, the club isn't expected to display much enthusiasm for the six-year deal that agent Gustavo Vasquez said his client wants. There are ways to get around that hurdle, such as an option for the sixth year that vests with a certain number of plate appearances.

Lester met with the Chicago Cubs on Tuesday and the Atlanta Braves on Thursday, sources told ESPN's Buster Olney.

The Toronto Blue Jays also have interest, according to another major league source, while ESPN's Jim Bowden says the St. Louis Cardinals have expressed interest. The New York Yankees could surface as another bidder.

Lester rejected the four-year, $70 million offer made by the Red Sox in mid-March and then rejected the team's overtures to reopen negotiations during the season.

The Red Sox traded Lester at the July 31 deadline to Oakland for outfielder Yoenis Cespedes, but at the time both the Red Sox and Lester expressed some hope that a return might be in the offing.

Lester, who turns 31 in January and is arguably coming off the best season of his career, is expected to command a contract for at least six years, with projections in the $130 million to $150 million range.