1:35 PM EST: Jerry Crasnick is reporting that Oswalt might just wait until mid-season -- until a contending team gets desperate, presumably -- before signing. An announcement is planned for sometime today, according to Bob Garber, Oswalt's agent.
10:53 AM EST: Cardinals GM John Mozeliak insisted to Joe Strauss of the St. Louis Post-Dispatch that Oswalt will not be signing with the team. Now, it's really not clear if there's any obvious team for Oswalt to sign with. I wouldn't be entirely surprised if he announces his retirement from the game, although a mystery team could potentially emerge.
10:49 AM EST: Free agent pitcher Roy Oswalt is not expected to sign with either the Texas Rangers or Boston Red Sox, according to sources that have spoken with Jon Heyman of CBS Sports. It's not entirely clear which other teams are pursuing Oswalt at this point, but the speculation is that he's essentially deciding between the St. Louis Cardinals and retirement.
Oswalt, 34, dealt with some injuries while pitching for the Philadelphia Phillies last season, but he was still quite effective when getting on the mound. Over 24 appearances with Philadelphia (including 23 starts), Oswalt posted a 3.69 ERA with 93 strikeouts and 33 walks in 139 innings pitched.
The Cardinals generally have what would be considered a "full" rotation at this point with Chris Carpenter, Adam Wainwright, Jaime Garcia, Kyle Lohse and Jake Westbrook, but Oswalt has always had interest in playing for St. Louis given its proximity to his home in Mississippi.