The Blue Jays and Jose Bautista are on the verge of a new contract that will see the veteran slugger stay in Toronto.

According to TSN Baseball Insider Steve Phillips, sources confirm the report by MLB.com's Jesse Sanchez that the Jays and Bautista are close to finalizing a deal, but adds that the two sides are working on a one-year contract with a club option for 2018.

Jon Heyman of FanRag sports reports that the two sides are looking at $37 million contract over two years. Heyman notes that the Tampa Bay Rays and Cleveland Indians have also been involved in bidding for Bautista.

 

Phillips reported on TSN.ca last week that Bautista was back at the top of Toronto's off-season list among corner outfield options, which included Brandon Moss, Michael Saunders, Jay Bruce and Curtis Granderson. 

Bautista, 36, rejected the Blue Jays' $17.2 million qualifying offer in the middle of November. The Jays would have received a draft pick as compensation if he signed with another team.

The longtime Jays slugger hit .234 with 22 home runs and 69 runs batted in and an OBP of .366 in 116 games last season.