UPDATE (12:46 PM): The Red Sox have designated Cameron for assignment, according to Peter Abraham. Previous reports had the Red Sox releasing Cameron outright, but those have proven to be premature. The Red Sox still retain the outfielder's rights for ten days, after which point they'll either have to trade or release Cameron.
If they want to place Cameron on waivers, they need to do it within the next week. Abraham has also reported that infielder Yamaico Navarro has been called up in his place after hitting .266/.372/.484 with Triple-A Pawtucket.
(12:12 PM): Peter Abraham of the Boston Globe is reporting that the Red Sox are working on a possible transaction involving fourth outfielder Mike Cameron. A release is most likely given Cameron's lack of value- he's hit just .149/.212/.266 in 105 plate appearances this season, and they still owe him half of his $7.25 million salary for the season.
I suppose there's a small chance that he gets traded, or they may just designate him for assignment today to free up a 40-man roster spot, but the Red Sox will likely need to eat his salary regardless of which route they take.
Given his track record as one of the better center fielders in recent memory, he'll likely see some serious interest from clubs that're hoping to see him regain his old power stroke, though. The cost should be pretty small, either a prorated amount of the league's minimum salary or something similar to that depending on whether he's released or traded, so contenders hoping to see a Pat Burrell-like renaissance will likely be looking at him.