Source: Adrian Gonzalez to Red Sox

The Boston Red Sox have scheduled a news conference for 11 a.m. ET on Monday to announce they have completed a deal with the San Diego Padres for All-Star first baseman Adrian Gonzalez, a baseball source said. But it will happen without a long-term deal for Gonzalez, after talks broke off Sunday with no agreement in place.

The source said that the two sides have left open the possibility of continued discussions toward a long-term deal for Gonzalez after the trade is in place.

A source said that while Gonzalez is seeking a contract in the range of Mark Teixeira's eight-year, $180 million deal with the New York Yankees, the Red Sox have been holding the line at six years and $120 million. The Red Sox, multiple sources told ESPNBoston.com's Gordon Edes, also were looking for language in the contract to protect them in case Gonzalez had problems with his surgically repaired right shoulder, much like they did with J.D. Drew.

The Red Sox negotiated intensely with Gonzalez's agent, John Boggs, during a 48-hour stretch before the talks finally broke off Sunday. But both sides were satisfied that there was enough common ground for a deal to be struck, with one baseball source suggesting to ESPNBoston.com that eventually a compromise in the seven-year, $22 million range might get the deal done. The Red Sox might actually benefit from a luxury-tax standpoint by holding off on the deal until after Opening Day, when it won't count against the team's payroll for tax purposes.

In exchange, the Padres will receive three prospects in pitcher Casey Kelly, first baseman Anthony Rizzo and outfielder Reymond Fuentes, according to a baseball source. The Padres also will receive a player to be named later, a source told ESPNBoston.com's Gordon Edes.

Padres general manager Jed Hoyer -- who used to work in Boston's front office -- has said for some time that the Padres wouldn't be able to afford the kind of big-money contract Gonzalez would command if he hit the free-agent market.

The Padres recently exercised Gonzalez's $6.2 million option for 2011, the final year of a team-friendly $15 million, five-year contract he signed in 2007.

Gonzalez's name was in the mix for the Red Sox for more than a year. The Padres' front office is very familiar with Boston's prospects, as Hoyer, assistant general manager Jason McLeod and new top executive Josh Byrnes all once worked for Boston.

Gonzalez was the No. 1 overall pick in the 2000 draft and has spent the past five years in San Diego, his hometown. He has had at least 30 home runs and 99 RBIs in each of the past four seasons.

The left-hander hit .298 with 31 homers and 101 RBIs last season.

In five seasons with San Diego, Gonzalez has 161 homers -- two shy of Nate Colbert's club record -- and 501 RBIs. Including parts of two seasons with Texas, he has 168 homers and 525 RBIs.

He set a Padres record with his fourth 30-homer season. His third 100-RBI season tied Phil Nevin for the most in club history.

Gonzalez had surgery to clean up the labrum in his nonthrowing right shoulder on Oct. 20. The Padres said then that the three-time All-Star and two-time Gold Glove first baseman was expected to be ready for spring training.

The Padres went 90-72 despite opening the season with a payroll of $37.8 million, second-lowest in the majors. San Diego was in contention until the final day, when its loss at San Francisco, coupled with Atlanta's win over Philadelphia, eliminated the Padres from the NL West and wild-card races.

The Padres have said they anticipate a payroll of about $40 million.

Jerry Crasnick is a senior writer for ESPN.com. Information from ESPN.com's Jayson Stark and The Associated Press was used in this report.