Boston, MA (My Sportsbook) - The Boston Red Sox have exercised the club option on catcher Victor Martinez for the 2010 season, but declined to pick up options on both Jason Varitek and shortstop Alex Gonzalez.

The Red Sox also agreed to a two-year deal with 43-year-old righty Tim Wakefield rather than pick up his $4 million-per-season team option. No financial terms of the new deal were released, but he will reportedly make $3.5 million this season and $1.5 million next year plus incentives.

The 30-year-old Martinez, who will make $7.1 million this season, had spent each of his eight big-league seasons in Cleveland before being dealt to the Red Sox at last year's trade deadline for a handful of prospects including right-hander Justin Masterson.

In 56 games with the Red Sox Martinez hit .336 with eight home runs and 41 RBI. Overall, he batted .303 with 23 home runs and 108 RBI.

A three-time All-Star, Martinez is a career .299 hitter. He enjoyed his best season in 2007 with the Tribe, hitting .301 to go along with 25 home runs and 114 RBI -- both career highs.

Wakefield, meanwhile, posted an 11-5 record with a 4.58 ERA in 21 starts for Boston during the 2009 season. He finished fifth among AL qualifiers with a .688 winning percentage and reached double-digits in victories for a club- record 11th time, while earning his first career All-Star selection.

The all-time Red Sox leader with 388 starts, Wakefield ranks second in club history with 1,869 strikeouts and 525 appearances, and third with 175 wins and 2,711 1/3 innings.

His 15 seasons with the Red Sox are fifth-most in club history behind Carl Yastrzemski (23), Dwight Evans (19), Ted Williams (19) and Jim Rice (16). He is also one of just 19 pitchers ever to spend at least 15 seasons with a single AL franchise.

Although the Red Sox declined to pick up Varitek's $5 million option, he still could remain with Boston, as he now has three days to decide if he wants to exercise a $3 million player option for this coming season or hit the free agent market.

Varitek lost his starting job to Martinez late in the season and hit just .209 with 14 home runs and 51 RBI in 108 games.

Over parts of 13 big league seasons with the Red Sox, he has caught in a club- record 1,381 contests and ranks among the franchise all-time leaders in overall games played (9th, 1,439), doubles (8th, 290), home runs (12th, 175), RBI (15th, 705) and walks (15th, 583).

Gonzalez was acquired in mid-August from Cincinnati and hit .284 with five home runs and 15 RBI while posting a .994 fielding percentage in 44 games for the Red Sox.