Boston Red Sox's Jason Varitek watches his two-run RBI single during the sixth inning of their 4-0 win in game two of a baseball doubleheader against the Tampa Bay Rays at Fenway Park in Boston Sunday, Sept. 13, 2009 - AP PhotoJust hours after the Boston Red Sox declined their option on catcher Jason Varitek, he has decided to exercise his player option worth $3 million. He can make an additional $2 million in incentives based on the number of games he starts.

The news was first reported by Adam Hirshfield of NESN.com.

With Victor Martinez coming back as the full-time catcher, the Captain will most likely will be relegated to the backup catcher’s spot.  My best guess is that he’ll probably catch at least Josh Beckett and maybe Jon Lester on occasion.

Varitek hit .209 with 14 home runs and 51 RBIs in 109 games during the 2009 season. He did see his role reduced behind the plate when VMart was acquired from the Cleveland Indians.

Jason Varitek to Exercise Player Option, Will Stay With Red Sox [NESN.com]

Theo: Red Sox see Martinez as their everyday catcher [Full Count]

Update 10:44 PM: According to Peter Abraham of the Boston Globe via Twitter, Jason Varitek has not picked up his option yet. He does say that it could come on Tuesday.