It's possible that there will be movement in the Mets' offer -- which was between $60 million and $65 million over four years -- but as of Wednesday morning, that had not happened.
At a news conference to introduce outfielder Mike Cameron on Wednesday, Red Sox general manager Theo Epstein wouldn't officially close the door on Bay's stay in Boston, but made it sound like Bay's return was unlikely.
"[The media] has done a great job of speculating, putting the pieces together this winter, so I'll let you continue to speculate. I don't want to say that the door is officially closed on one player out there that's a free agent. But Jason, obviously, in a year and a half here, did an outstanding job for us," Epstein said.
"That's a trade we would make again any day of the week. Whichever team does sign him, they're getting a quality person and a quality player."
The Mets had hoped to sign Bengie Molina, but to this point, the catcher -- who turned down an offer from the Mets when he was a free agent a few years ago -- is sticking to his demand for a three-year deal.
The Mets are monitoring the Matt Holliday negotiations, but are not actively involved, and it could be that talks for the outfielder are out of their price range.
The St. Louis Cardinals have an offer on the table to Holliday, widely believed within the industry to be for something in the range of five years and $80 million.
Internally, the Cardinals have expressed doubt about whether any team is going to be willing to make an offer at that level to Holliday, and it's unclear whether there will be major movement to St. Louis' offer.
Senior writer Buster Olney covers Major League Baseball for ESPN The Magazine. ESPNBoston.com's Chris Forsberg contributed to this report.