Update:

Jason La Canfora is reporting that free agent S Ed Reed has agreed to terms with the Houston Texans.

La Canfora adds that he wouldn’t be surprised to see Reed sign a deal close to $6 million.

Albert Breer reports that the Ravens have been informed of Reed’s plans to sign with the Texans.

“Nothing official, but unless something changes, yes,” Reed texted to Albert Breer.

A previous report indicated that the Ravens weren’t willing to match the Texans offer and he’s have to take less to be back in Baltimore next season.

The Texans were clearly the top suitor for Reed after they spent several days meeting with him last week. They lost Grover Quinn to the Lions and had an obvious need at safety, so it makes sense to see them target one of the better available options.

We had him listed as the No. 13 best available player in our recently updated Top 50 Free Agents list.

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Update:

Ian Rapoport reports that the Baltimore Ravens are “very pessimistic” regarding their ability to re-sign free agent S Ed Reed.

Ian Rapoport adds that Reed would probably have to accept less money to return to Baltimore.

Jason La Canfora adds that Reed has yet to make any final decision, but the Texans reportedly have a “strong offer” out to him.

La Canfora adds that there was an expectation that Reed would decide on his next team at some point today, but it appears as though he may take some extra time to decide.

Reed, 34, is believed to be seeking over $4 million annually, which really doesn’t fit with the Ravens’ current financial situation.

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Aaron Wilson of the Baltimore Sun reports that a league source with knowledge of the situation mentioned that the Texans offer to free agent S Ed Reed was “low enough that a fast deal was unrealistic.”

Wilson adds that the Texans offer to Reed is three-year deal that would pay him close to $4 million annually.

Reed is believed to be seeking something closer to $7.2 million.

Baltimore would still like to re-sign Reed, but Wilson adds that they’re not interested in retaining him for anywhere close to $7.2 million he made last season.

Reed, 34, has remained in contact with both teams in recent days, but it’s hard to say which way he’s leaning at this point. Houston should be able to him more in terms of salary than the Ravens, but it would make sense that if all things are equal, Reed would return to Baltimore.

The 49ers were also mentioned as a speculative option, but there hasn’t been a lot of buzz surrounding the idea in recent weeks.