Nov 19, 2009 12:15 PM EST

Jason Bay has declined Boston's initial contract offer and will head to full free agency, SI.com has learned.

Boston's offer to Bay was believed to be for four years and "close to $60 million,'' according to sources.

"Nothing will happen by day's end, but we'll keep talking,'' Bay's agent Joe Urbon said.

"It's not a surprise that a player that's gone this far wants to see what's out there,'' Red Sox GM Theo Epstein said by phone in Bay's regard.

The Mets, Cardinals, Giants and Braves are all interested in adding a corner outfielder with power, while the Yankees, Angels, Mariners and Cubs are viewed as possibilities to look at Holliday and/or Bay, as well. The Cardinals are one team that's said they will consider Holliday but not Bay.

Via SI.com