Jason Bay's contract with the New York Mets includes a $17 million option for 2014 with a $3 million buyout, a person familiar with the deal told The Associated Press.

Bay took a physical yesterday, a necessary step to finalize the deal, and the Mets scheduled a news conference today at Citi Field to introduce their first major free-agent signing of the offseason.

He is guaranteed $66 million under the four-year contract and could make $80 million over five seasons, the person said, speaking on condition of anonymity because the contract had not yet been announced.

The outfielder's option would become guaranteed if Bay has 600 plate appearances in 2013 or 500 plate appearances in both the 2012 and 2013 seasons.

New York still is trying to sign a catcher but has not made much progress in negotiations with Bengie Molina, and is talking with several free-agent pitchers, including Joel Pineiro.

The Mets also have scouts monitoring first baseman Carlos Delgado, who went 1 for 4 Sunday night for Puerto Rico's Carolina Giants in his first game since hip surgery in May. New York hopes to re-sign the 37-year-old, who originally was expected back in July but had a series of setbacks.

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Red Sox: A person familiar with the negotiations says free-agent third baseman Adrian Beltre and the Boston Red Sox are close to agreeing on a one-year contract.

The person spoke to The Associated Press on condition of anonymity last night because an agreement, which would be subject to a physical, had not been reached.

Beltre spent the past five years with Seattle. Injuries limited him to 111 games last season, when he batted .265 with eight homers and 44 RBIs.

Pirates: Pittsburgh agreed to minor league contracts with right-hander Tyler Yates and left-handers Brian Burres and Neal Cotts.

Yates, a Kaua'i High and University of Hawai'i-Hilo alum, pitched in 75 games with Atlanta in 2007 and 72 with the Pirates in 2008 before being limited to 15 appearances with Pittsburgh last season. He had reconstructive elbow surgery in July and was removed from the Pirates' 40-man roster in October.

Cotts, who pitched in 284 games with the White Sox and Cubs from 2003-09, also had reconstructive elbow surgery in July. Burres is 13-20 with a 6.08 ERA in 81 games with the Orioles (2006-08) and Blue Jays (2009).

Yates would make $300,000 in the minors and $975,000 in the majors, while Cotts would make $120,000 and $900,000 and Burres would make $100,000 and $550,000.

Rockies: Colorado and catcher Miguel Olivo agreed to a $2.5 million, one-year contract yesterday that includes a club option for 2011.

Olivo will share catching duties with Chris Iannetta.

Olivo, 31, hit .249 with 23 home runs and 65 RBIs in 114 games for the Kansas City Royals last season.