Mets exercised RHP Mike Pelfrey's $500,000 option for 2010.
Pelfrey finished 10-12 this season with a 5.03 ERA and 1.51 WHIP. Those aren't great numbers, but he's only 25 and the price is unbeatable. He faces three years of arbitration after the 2010 season.

Mets declined RHP J.J. Putz's $9.1 million option for 2010.
Putz was handed a $1 million buyout instead. He's hoping to return to the Mets at a less lucrative salary, but it's not clear if they'll want him. He was diagnosed with a few arm problems this season and posted a 5.22 ERA and 19/19 K/BB ratio in 29 1/3 innings while healthy.

According to Bart Hubbuch of the New York Post, the Mets have told J.J. Putz that they will decline his $9.1 million option for 2010.
Choosing the $1 million buyout instead is a no-brainer given Putz's arm problems. Acquired as the centerpiece of a three-team deal with the Mariners and Indians, Putz logged just 29 1/3 innings for the Mets while allowing 18 runs. He may have to settle for an incentive-laden one-year deal to prove that he's healthy.
Source: Bart Hubbach on Twitter

Jeff Francoeur underwent surgery Monday to repair a torn ligament in his left thumb.
Francoeur suffered the injury while making a diving catch in late August, but played through the pain while hitting .319/.342/.493 in his final 36 games. He'll be back with the Mets next season after putting together a good second half following a trade from Atlanta.
Source: New York Daily News

According to Adam Rubin of the Daily News, the Mets are expected to name former Diamondbacks coach Chip Hale as their third base coach.
Hale spent the past three seasons as Arizona's third base coach. The hiring was expected to round out Jerry Manuel's staff for 2010, but according to the report the Mets may be interested in former Diamondbacks manager Bob Melvin as a bench coach. Melvin was interviewed by the Astros and is also considered a managerial candidate with the Nationals.
Source: New York Daily News

Fernando Martinez, who underwent surgery on his right knee in July, has finally begun running the bases.
Martinez hit .176/.242/.275 with one home run, eight RBI and two stolen bases in 29 games (91 at-bats) for the Mets this season before getting injured. The 21-year-old outfielder intends to play for Leones del Escogido of the Dominican Winter League, which gets going in early November.
Source: SNY's Mets Blog

Mets released LHP Ken Takahashi.
Signed to a minor league deal during spring training, the 40-year-old rookie posted a 2.96 ERA and 23/14 K/BB ratio in 27 1/3 innings with the Mets while spending much of the year at Triple-A. He could latch on elsewhere as a long reliever, but may opt to finish his career back in Japan.

Jose Reyes underwent successful surgery Thursday morning to repair his torn right hamstring tendon.
The procedure was designed to clear up scar tissue behind the shortstop's right knee. Reyes is expected to begin rehab shortly and should be able to resume baseball activities in early January. As long as he avoids too many setbacks, he'll be fine for the start of spring training.
Source: Newsday

Jose Reyes will undergo hamstring tendon surgery on Thursday.
The surgery will clean up scare tissue around a hamstring tendon behind his right knee. No surgery will be required for the muscle tear he suffered in his right leg in September. The Mets fully expect Reyes to be ready for the start of spring training.
Source: New York Daily News

Ike Davis homered, doubled twice and drove in six runs to lead Surprise to a 17-4 win as the Arizona Fall League opened play Tuesday.
Davis, a 2008 first-round pick, had a brutal pro debut last year and wasn't much better in the first month of this season, but he came on very strong after that and ended up hitting .309/.386/.565 in 207 at-bats following a promotion to Double-A Binghamton. For that reason, the Mets don't figure to look into bringing in a long-term first baseman this winter.