by By MICHAEL SILVERMAN , The Boston Herald

The stakes are high for both Bay and the Red Sox .

Left field is an obvious hole for the club next season, and Bay's worth in his year-and-a-half here - 45 home runs, 156 RBI - was both proven and substantial.

The Red Sox now have a 15-day exclusivity window in negotiations with Bay, who can't talk with other teams about financial terms of a deal during that span.

If the Sox want to sweep the outfielder off his feet with a rich, multiyear offer, this is the time to do it. That, however, is not expected to happen.

The Red Sox are believed to have discussed only a three-year deal for Bay, who is said to be looking for at least four, and preferably five, years. The length of the contract is expected to be a bigger issue for the Sox than the pricetag, which likely will fall between $16-18 million per season.

Other teams expected to pursue Bay include the Mets, Mariners and Giants. The Red Sox will not re-sign Wagner, whose 2010 option wasn't picked up by the team as a condition of the left-hander waiving his no-trade clause with the Mets in August.

General manager Theo Epstein said earlier this offseason that the Sox are open to bringing back Baldelli.

Tim Wakefield can file for free agency, although the club holds a recurring, $4 million annual option on the veteran right-hander. Infielder Chris Woodward and right-hander Paul Byrd also are eligible to file.

The Sox hold 2010 options on three other players - shortstop Alex Gonzalez, catcher Jason Varitek and catcher/first baseman Victor Martinez. Martinez' option will be picked up. The others would become free agents if their options are not.

Also yesterday, the Sox outrighted right-hander Fernando Cabrera, shortstop Nick Green and outfielder Joey Gathright to Triple-A Pawtucket.

- msilverman@bostonherald.com

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