per: http://www.mlbtraderumors.com/2009/11/billy-wagner-could-accept-arbitration.html

Billy Wagner's agent Bean Stringfellow says not to rule out his client accepting an arbitration offer from the Red Sox, according to Michael Silverman of the Boston Herald.  Stringfellow said that prior to a recent meeting with his client, he believed there was no chance Wagner would accept.  Wagner loved his experience with the Red Sox enough that it's now a possibility.  Stringfellow "fully anticipates" an arbitration offer by the Red Sox.  Wagner is a Type A free agent, so the Sox will snag two draft picks if he declines the offer and signs elsewhere.

Yesterday, Ken Rosenthal and Jon Paul Morosi of FOX Sports learned from Stringfellow that six teams called about Wagner so far, all of them interested in him as a closer.  The writers noted that the Tigers, Astros, Rays, Orioles, and Braves have the need.

Looks like a win-win here. He accepts and we get another year of what seemed to be a rejuvenated Billy Wagner. Otherwise we go back to the original draft picks outcome. Nice.