[UPDATE, 3:20pm]: Joel Sherman says 4 years, $66 million, with a vesting option for a fifth year. Naturally, this is all pending a physical.

If the Mets do end up completing the contract agreement with Bay, it does have an unfortunate twist for the Red Sox. The Mets’ first round pick is protected, so Bay’s departure will net the team a supplemental pick and the Mets’ 2nd round pick, instead of their protected first rounder.

[ORIGINAL, 3pm] Jon Heyman confirms the original WFAN report via Twitter

Sources have been citing deals similar to the previously reported 4/66, $16.5M per year.  If correct, I’m curious if the moves by the Red Sox and the public bashing of a high priced left field solution in the Bronx softened Bay’s 5 year demands.

Details to come as information rolls in.