UPDATE: According to Joel Sherman, Mets’ beat reporter for the New York Post, the deal has been agreed to by both sides, for a total of 4 years, 66 million (annual value of $16.5). Sherman reports that there is a vesting option for a 5th year, although the exact details of that clause have not been released.
According to New York radio station WFAN, Free agent LF Jason Bay has come to terms with the New York Mets, and pending the passing of a physical, the team will issue a formal announcement early next week.
Bay was the Mets’ main target all winter, as General Manager Omar Minaya pursued him during the winter meetings, offering what was a suspected 4 years, $66 million dollar contract (annual value of $16.5 million). Rumors arose that Bay was seeking 5 years with a similar yearly dollar amount, although it remains to be seen what the final deal was.
If the deal is completed, Bay figures to be slotted in the five-hole for the Mets, replacing the power and offensive impact they once expected from Carlos Beltran.
Check back here at PeteProse throughout the day for the latest details on this deal and what exactly this means for Matt Holliday and the rest of the free agent market.
Ian Thomas is a journalism student at Stony Brook University. He enjoys Shake Shack, Sean Avery's blog and pretending the New York Mets are a playoff team every year. 
Good for them, now they need to work on their horrendous pitching staff.