6:37pm: The deal is now in the language stage, tweets Nick Cafardo of the Boston Globe.

6:23pm: The deal will also include incentives that can boost the overall value to $30MM across two seasons, Bradford tweets.

6:10pm: Once the deal is finalized, it will be for two years and at least $26MM, tweets Rob Bradford of WEEI.com (via Twitter).

5:20pm: Two sources told Pete Abraham of the Boston Globe (via Twitter) that they expect Ortiz to sign a deal before the night is out.

4:50pm: The sides are "very close" to a deal, Rob Bradford of WEEI.com reports (on Twitter).

NOVEMBER 2nd, 9:47am: The Red Sox and Ortiz are starting to close the gap in their negotiations, Nick Cafardo of the Boston Globe reports (on Twitter). Texas' interest is real, Cafardo writes.

11:02am: It appears likely that Ortiz will hit the open market, Rob Bradford of WEEI.com reports. Boston's exclusive negotiating period ends Saturday morning, at which point Ortiz will be free to discuss a contract with any team. The Red Sox are expected to extend Ortiz a one-year qualifying offer.

NOVEMBER 1st, 8:13am: The sides hope to bridge the "modest gap" and agree to a contract within the next 24 hours, Nick Cafardo of the Boston Globe reports (on Twitter).

OCTOBER 23rd: Pete Abraham of the Boston Globe hears from both sides that Ortiz isn’t close to a deal, though talks are amicable (Twitter link).

2:45pm: The Red Sox and Ortiz have had productive talks and are discussing a multiyear deal, Alex Speier of WEEI.com reports. However, it’d be inaccurate or at least premature to say an agreement has nearly been finalized.

1:06pm: The Red Sox are finalizing a two-year contract with David Ortiz that will keep the slugger in Boston through 2014, Gordon Edes of ESPNBoston.com reports. The sides have already agreed on a two-year term, but haven’t yet agreed on compensation. They hope to announce a deal by the end of the week.

Ortiz appears to be seeking a $25MM guarantee for two years, Edes reports. The Red Sox are willing to commit to a contract in that range, but hope to complete a deal for a few million less. Agent Fern Cuza spoke with the Red Sox on Monday and Ortiz spoke with GM Ben Cherington and manager John Farrell today.

Ortiz, who turns 37 next month, posted a .318/.415/.611 batting line in 383 plate appearances this past season. He hit 23 home runs and 26 doubles, but appeared in just one game after suffering a right Achilles strain on July 16th. Ortiz is an SFX client.