The Red Sox today announced that the club has signed righthanded pitcher Mike Timlin to a one-year contract for the 2007 season. In addition, the club announced that it has exercised its 2007 contract option on righthanded pitcher Tim Wakefield. The announcements were made by Executive Vice President/General Manager Theo Epstein. No further terms were disclosed. Timlin, 40, returns for his fifth season with the Red Sox. The righthander was 6-6 with a 4.36 earned run average in a team-high 68 appearances in 2006. Timlin also led the staff with 21 holds, seventh most in the American League, and was second with nine saves.