The two sides have reportedly reached an agreement on a one-year, $5 deal.
UPDATE 10:40am ET: Napoli's one year deal with the Sox is worth just $5 million guaranteed, with more available in performance incentives, reports Jon Heyman of CBS Sports:
Napolis also receives performance bonuses in boston deal. So $5M plus incentives.— Jon Heyman (@JonHeymanCBS) January 17, 2013
The incentives could bring Napoli's 2013 salary up to $13 million, according to Rob Bradford of WEEI, but only if the slugger spends no time on the disabled list due to his hip injury.
UPDATE 9:10am ET: The Red Sox and Napoli have reached an agreement on a one-year deal, reports Rob Bradford of WEEI:
According to a major league source, the Red Sox and Mike Napoli have reached an agreement on what is believed to be a one-year deal.
Original Story: We learned yesterday that the Boston Red Sox and Mike Napoli are nearing resolution on what has been an almost two-month saga of renegotiating, and now we know what some of the terms of the new agreement may be.
The two sides are supposedly working on a one-year agreement worth a bit less than the $13 million AAV agreed upon at the Winter Meetings in early December, report Gordon Edes and Jim Bowden of ESPN:
It's too early to say with absolute certainty that Mike Napoli will be playing for the Boston Red Sox this season...
But all signs Wednesday pointed to a resolution that will place Napoli in a Red Sox uniform in 2013...
The sides are now working on a one-year contract, sources with knowledge of the discussions told ESPN.com's Jim Bowden, and there were indications that the deal will be for less than the $13 million average annual value of the original agreement.
While there may not be "absolute certainty" that Napoli and the Red Sox will reach a compromise, the way Boston is acting gives a pretty good indication that the deal is close to a lock. The Red Sox have begun a search for a lefty bat to complement Napoli's at first, not supplement it.
A one-year deal worth less than $13 million is a far cry from the three-year, $39 million deal the two sides agreed on last month, but it is probably better for Napoli than jumping back into the open market labeled as damaged goods.
The 31-year-old catcher/first baseman hit .227/.343/.469 with 24 home runs in 108 games for the Texas Rangers last season.