UPDATE (1:35 p.m):  According to the brilliant tag team of Tim Britton and Brian MacPherson of the Providence Journal (via Twitter), Theo Epstein released a statement.

“There are no plans for an immediate announcement…We all plan on taking some time to process the thoughts expressed in the meeting.”

Again, I don’t want to speculate because this could mean anything, but it’s worth noting.  Francona may not be out as the Red Sox manager.  Time will tell.

UPDATE (1:00 p.m.):  According to Peter Abraham of the Boston Globe, the meeting between ownership and Terry Francona has ended.  There have been no announcements released about any decisions having been made.  At last report, John Henry, Tom Werner, and Terry Francona all left Fenway Park separately.  We’ll continue to monitor the situation closely, and provide new information as it arises.

Original Post (10:16 a.m.): According to Bill Madden of the New York Daily News (by way of WEEI), Red Sox owner John Henry has set up a meeting this morning to inform manager Terry Francona that his options for 2012 and 2013 will not be picked up; thus ending Francona’s long and productive tenure in Boston.  Before you sharpen your pitchforks  and light your torches, word is the decision was not Theo Epstein’s, but instead solely John Henry’s.  Again, this is just a report, so no official decision has been announced.

I have to admit that I’m a little surprised with the manner in which this decision evolved should the report be true.  Given the tone of yesterday’s press conference, it seemed like Francona wouldn’t be used as a scapegoat.  Obviously, that doesn’t seem to be the case.  In a move that shows strong, decisive (albeit irrational) action, Henry is taking the reigns from Epstein’s hands, and making a public move that the legions of angry, desperate fans throughout New England will likely applaud.  Presumably, much of Francona’s staff will likely be fired as well; save for perhaps bench coach DeMarlo Hale, who may be interviewed to take Tito’s job.

Unfortunately, this move would create more quetions than it answers.  For example, what will be done with the conditioning and medical staffs who are at least partially (or even mostly) to blame for the pile of injuries the roster has incurred over the past three years?  How will the players react toward an incredibly popular manager being removed from duty?  How will Epstein react to Henry pulling rank, and making the decision to end Francona’s tenure?  Lastly, does Henry taking the decision out of Epstein’s hands say something about a strain in the relationship between the owner and GM?  Obviously, I don’t know the answers to these questions.  I could speculate, but it’s probably best to wait until a little more of the carnage unfolds.  One thing is clear:   ownership will not accept the status quo.  I have a feeling this is going to be a very long and active offseason.

During Terry Francona’s tenure, the Red Sox posted a 744-552 record, reached the playoffs five times, and won two World Series.  Regardless of how it ends, he’s easily the greatest and most successful manager in Red Sox history.  If this report does come to fruition, I’d like to extend our most heartfelt gratitude, on behalf of Red Sox Nation.  Thanks for the memories.