Just spoke to Theo Epstein [late Monday night]. Contrary to a report, Jason Varitek has not yet exercised his $3 million player option for 2010. ... To be sure, the Sox expect Varitek to trigger that option. But it hasn't happened yet.
UPDATE: NESN reports that Varitek will exercise his $3 million option:
The move is expected to be formalized on Tuesday ... With the incentives, Varitek would earn an additional $400,000 for starting 80 games in 2010 and another bonus for every 10 starts thereafter.
Red Sox will not pick up Jason Varitek's $5 million team option. Now [Varitek] has 5 days to make decision on $3 million player option.