by Ken Rosenthal and Jon Paul Morosi, FOXSports.com

Victor Martinez hit .302 with 23 home runs and 108 RBIs between Cleveland and Boston this past season. (Lisa Blumenfeld / Getty Images)

Varitek may still remain with the Red Sox, if he chooses to exercise a $3 million player option. The option includes $400,000 bonuses at 80, 90, 100, 110 and 120 games played, but the presence of Martinez makes it highly unlikely that he would receive much (if any) of that bonus money. The club option was for $5 million.

A report on NESN.com Monday night stated that Varitek will pick up the option. While it would be very sensible for him to do so — a catcher who batted .209 this year would probably not earn $3 million on the open market — one source said that Varitek has yet to make a final decision.

Varitek, 37, was a three-time All-Star with the Red Sox from 1997 to 2008. He was the team's long-time captain and caught a club-record 1,381 contests and ranks among the club's all-time leaders in overall games played (9th, 1,439), doubles (8th, 290), home runs (12th, 175), RBIs (15th, 705) and walks (15th, 583).

His role was diminished after the addition of Martinez in a July trade with the Indians. Varitek hit .220 last season. Martinez hit .302 with 23 home runs and 108 RBIs between Cleveland and Boston. The Red Sox's paid $7.7 million to exercise his option.

Wakefield, 43, made the All-Star team for the first time last season and finished 11-5 with a 4.58 ERA. His deal is worth $5 million for two years and he can earn $10.5 million with bonuses, according to a major-league source.