According to Mike Francessa's "major news", pending a physical Jason Bay has agreed to a 4 year deal worth 66 million with the Mets.

Jon Heyman has also confirmed that a deal has been reached.

Joel Sherman is reporting the deal has a 5th year vesting option.

I've said since day 1 that Holliday is the better player, but Bay is the better deal. Holliday will likely sign a much longer contract for more money per season (probably more than 5 years at more than 100 million). Considering out commitments to Santana (who is still owed 98.5 million over 4 years or 118 million over 5 years if we pick up the 2014 option), plus Wright and Reyes have more money coming their way. Its hard to believe the Mets could really afford to give Holliday such a high cost/long term contract. Plus I think Jason Bay is a guy who can be a leader for this team, which is obviously something that has been missing the last few years.