7:53pm Marc Topkin of the St. Pete Times says Baldelli could be close to signing, saying "there were indications Wednesday that a deal could be completed very soon." It is not clear whether this is based on reading other reports or if he has inside information. Topkin does write that a return to the Rays "doesn’t seem likely" noting that the Rays have very limited funds available after signing Pat Burrell.
1:44pm Dejan Kovacevic talked to a source directly involved in the Rocco Baldelli negotiations who believes the field may be down to the Pirates and two AL teams at this point. The Rays and Reds seem less likely to sign Baldelli given their recent signings. I imagine the Red Sox are one of the remaining AL clubs.
Kovacevic says all of the contracts being discussed are short term and heavy on bonuses.