A Sox club official told the Globe the team and Mike Timlin have reached an agreement to bring the reliever back to Boston for one more season:

I think this is win-win for the Sox and Timlin. $3 million isn't a lot of cash to dish out for a very solid reliever. Timlin is going to be 42-years-old, but he's been such an asset in the bullpen that he deserves to come back another year.

In other news, Curt Schilling is working his butt off so he can earn that extra $2 million. Here's a video to demonstrate show his extensive workout: