Sports Illustrated's Jon Heyman is reporting outfielder Jason Bay has rejected an initial offer from the Red Sox.
Heyman cites anonymous sources saying the first offer was for four years at "close to $60 million."
The Red Sox have an exclusive right to negotiate with Bay until 12:01 a.m. tonight. The full free agency period begins Friday.
"Nothing will happen by day's end, but we'll keep talking,'' Bay's agent Joe Urbon is quoted as saying in the SI article.