Jason VaritekNick Cafardo of the Boston Globe is reporting that Jason Varitek will decline the offer of arbitration from the Boston Red Sox.

A source close to Sox catcher Jason Varitek confirmed that Varitek would decline salary arbitration from the Red Sox before the midnight deadline. This will allow Varitek to pursue his free-agent market without being tied exclusively to the Red Sox for the upcoming season.

Don’t worry though, Varitek could still end up as a member of the Red Sox depending on what his agent Scott Boras can find for him. I see the chances of Varitek being back with the Red Sox at about 25% right now.

Cafardo also says in the post that the Red Sox are expecting Paul Byrd to decline the offer of arbitration from the Red Sox.

Should Varitek sign elsewhere, the Red Sox would receive two extra draft picks while they would only get one extra if Byrd goes to another team.

UPDATE MIDNIGHT: It’s official.

UPDATE #2: Byrd has also declined the Red Sox offer of arbitration.