Feb 01, 2012 3:21 PM EST

The Red Sox still have "a great chance" to sign Roy Oswalt, according to a Major League source.

The same source indicated late last week that the right-hander would be signing with the Cardinals "soon."

Meanwhile, the free-agent met with the Rangers this week, opening up what is now believed to be a three-team race.

A Red Sox source confirmed Wednesday that the team has not given up on adding Oswalt to their rotation.

Via Gordon Edes/ESPN.com