According to WFAN’s Mike Francesca, the Mets have signed free agent outfielder Jason Bay. Pending on a physical, the former Pirate and Red Sox will be heading back to the NL.

From the New York Daily News:

WFAN’s Mike Francesca just reported that the Mets will have an announcement early next week that they’ve agreed to a contract with Bay, one of the top free agent hitters on the market. The deal will become official if Bay passes the physical, Francesa said.

The Mets have a four-year offer out to Bay worth about $65 million.

Francesa also reported that the Mets and free agent catcher Bengie Molina remain apart on a potential contract. The Mets have offered one year plus a vesting option, but Molina is holding with a demand for a three-year deal.

This isn’t a bad deal for the Mets financially. Bay hit .267 with 36 home runs, 119 RBI and 13 stolen bases in 531 at-bats last season and isn’t bad defensively. He’ll give the Mets’ lineup durability and some much-needed pop.

That said, this is the Mets that we’re talking about here. Some how, some way, they always manage to add talent and miss the playoffs. This was a solid signing, but they need to get Jose Reyes and a slew of other players healthy so they don’t collapse again next season.

On a semi-related note, Bengie Molina needs a reality check. The only reason he was a cleanup hitter last year is because the Giants were so devoid of offensive talent outside of Pablo Sandoval. Molina is a fine player and a good clubhouse guy, but at his age he’s not going to find a club willing to give him a three-year deal.

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According to the Boston Globe, there are two distinct things that are keeping the Red Sox from bringing free agent outfielder Jason Bay back to Beantown.

Could Bay return to the Red Sox? It’s not inconceivable, according to a major league source, who said it would take two things to happen. 1. Bay would likely have to accept a backloaded contract, which would help the Sox remain under the $170 million payroll threshold for avoiding the luxury tax; and 2. the Sox would have to extend their budget, after they gave a two-year, $15.5 million deal to Mike Cameron.

Then, where would they play Cameron? He could be used against lefthanded pitching to spell Jacoby Ellsbury and J.D. Drew, or the Sox could use Ellsbury in an Adrian Gonzalez deal. But with Mike Lowell back in the fold after he failed his physical with the Rangers, the Sox have less wiggle room in their payroll and on their roster.

Call it a gut feeling, but I don’t think Bay will return to Boston. The BoSox don’t like to budge when it comes to their payroll decisions, which is why Johnny Damon played the last couple years in the Bronx instead of in Baaaston. In the end, another club will step up and pay Bay what he wants and I think he’ll cash in and move on.

Plus, as the article notes, the Red Sox already have Cameron to play left field so they’ve probably moved on. I think the only reason why the Bay-to-Boston rumors are staying afloat is because no other team has stepped up and signed him yet and it doesn’t sound like he’s even close to striking a deal with another club.

Photo from fOTOGLIF