According to CBS4 Boston, the Red Sox and Bronson Arroyo are close to signing a deal that would be worth $11 or $12 million over three years. Also reported to be included is a "gentleman's agreement," meaning the Sox wouldn't trade him this season.
So instead of the $4.2 million the Red Sox refused to give Arroyo, they'll probably be giving him $4 million per year. Not much of a difference in money, but apparently enough to notch the deal.
This "gentleman's agreement" is a little disappointing to me, however. I'm a fan of Arroyo's, but if he's standing between us and Seattle CF Jeremy Reed, then trading him, in my opinion, would be the thing to do. But at this point it looks like that won't be able to get down.