According to multiple reports, the Red Sox will sign shortstop Stephen Drew to a one-year contract worth $9.5M. The Yankees had some interest in Drew as a heavily-used utility infielder who would backup Derek Jeter and pre-hip injury Alex Rodriguez, but that was always a long shot. Drew was, by far, the best shortstop on the free agent market and there was little reason for him to accept a reduced role. The Yankees plugged their third base hole with Kevin Youkilis and are still seeking a utility infielder who can be an upgrade over Jayson Nix and Eduardo Nunez.
Self-promotion: Read my Drew post over at FanGraphs.