Update 12/16 12:51pm PST: Ken Rosenthal of Fox Sports Tweet:  Lackey breakdown: 3.5M signing bonus, 18M first year, 15.25M each of next four. Front-loaded deal.

Update 13:46: John Heyman of SI.com reports that the agreement in place is five-year, $85 million contract with the Boston Red Sox.

Several sources indicate that free agent pitcher John Lackey has undergone a physical for the Boston Red Sox including Ken Rosenthal of FoxSports.com.  He reports that the deal is expected to be similar to the five-year, $82.5 million deal that A.J. Burnett signed with the Yankees last year.  Lackey, 31, was 102-71 with a 3.81 career ERA in eight seasons with the Angels.  You can see his complete stats here.

If the Red Sox can close this deal, then it will only be matter of time before consolation prizes such as Joel Pineiro, Doug Davis, Jon Garland. and Jason Marquis will be snatched up.  Teams that are in need of starting pitching include the Orioles, Nationals, Phillies, Mets, Angels, and Rockies.