9:55 p.m. ET: Reyes and the Miami Marlins have agreed on a six-year, $106 million contract, according to Ken Rosenthal of FOX Sports. The deal is pending a physical, and does not include a no-trade clause.
9:49 p.m. ET: New York Mets GM Sandy Alderson recently addressed the media, and told reporters that the Mets will in fact back out of bidding if Miami's offer is truly at six years and $110 million, according to Adam Rubin of ESPN New York.
9:34 p.m. ET: The Miami Marlins have been rumored to be in on free agent shortstop Jose Reyes for a while now, and Ken Rosenthal of FOX Sports is reporting that they have increased their current offer to six years and roughly $110 million. That's a major increase from previously speculated offers in the $75-80 million range, and it apparently has the New York Mets out of the bidding for the shortstop, according to Joel Sherman of the New York Post.
Reyes has spent his entire career in a Mets uniform, but Sherman notes that the Mets were only willing to go into the $75-85 million range on a five-year deal with a sixth-year option that could push the value to near $100 million. They weren't willing to give up the sixth year that Miami is reportedly offering, although it's worth noting that Juan C. Rodriguez of the Sun Sentinel is reporting that Miami's current offer isn't for quite as much as previous reports have stated.
So boiling things down, the Marlins have increased their offer to Reyes by some unspecified amount, presumably at or above $100 million, and potentially up to near $110 million. It's a substantial offer for one of the key players on the market, and likely the kind of offer that could get a deal done quickly. Most sources are treating the deal as imminent with a deal expected to be completed soon, and we'll keep you guys updated as things progress.