David Ortiz, Red Sox finalizing 2-year contract

The Boston Red Sox and designated hitter David Ortiz are finalizing a two-year deal, according to ESPN's Gordon Edes.

The two-year term – something that was of utmost importance to the 36-year-old Ortiz – has already been agreed upon, the source said Tuesday, but the sides are still haggling on compensation. Ortiz is believed to be seeking a total of $25 million for the contract. The Red Sox are in that neighborhood, but hope to sign him for a few million less, according to the source, who noted the monetary negotiations are not expected to get in the way of the deal's completion.

The Red Sox hope to announce the re-signing before the end of the week, according to Edes. The announcement could come Friday, which is the first off day of the World Series.

Ortiz's agent, Fern Cuza, spoke with Red Sox officials on Monday. Red Sox General Manager Ben Cherington and newly hired manager John Farrell, who was introduced at a press conference Tuesday, met with Ortiz at Fenway Park on Tuesday.

Ortiz made $14 million in 2012 after agreeing to a one-year deal with the Red Sox.

Ortiz, an eight-time All-Star with the Red Sox, played in just 90 games last season because of an Achilles strain. He batted .318 with 23 home runs and 60 RBIs in limited action.

The 36 year old has been an anchor of the Red Sox's lineup since he was signed as a free agent in 2003. In 1,377 games with Boston, Ortiz has hit 343 home runs and knocked in 1,088 RBI. He is the all-time leader in home runs as a designated hitter.