In his latest Hot Stove column for MLB.com, Jim Molony has an update on the Tom Glavine situation:

While the two parties can't specifically talk dollars until Tuesday, the Braves are certainly optimistic that they'll fill their need for a starting pitcher by signing Tom Glavine. Multiple club sources have said they believe the veteran left-hander will likely wait at least one week before announcing that he'll be pitching in Atlanta next year.

The Braves will likely offer a one year deal worth $8-9 million that includes a mutual option for the 2009 season. Glavine's agent, Gregg Clifton, said the two parties talked last week and expect to do so again this week.

There is some risk in offering a player arbitration in that they might actually accept when you are hoping for otherwise. In the case of Glavine it's win-win, really. If he signs with the Braves and the Mets offer him arbitration they will collect the Braves' first round pick next year (18th overall). If Glavine accepts, then the Mets get an average-to-better starting pitcher on a low-risk one-year deal.

Should the Braves sign Glavine prior to 12/1 (or prior to the Mets offering arbitration, whichever comes first), they automatically forfeit their first rounder next year, even if the Mets weren't planning on offering Glavine arbitration. Which they will. I assume.