Per Mets.com (and corroborated by the New York Times, the Mets have reportedly extended an offer to Derek Lowe for three years and $36 million.
The Times article mentions that Lowe was seeking a five-year, $90 million deal, so don't be surprised to see this one drag on a while. This isn't an especially strong offer from the Mets, so count on agent Scott Boras coming back with what lawyers like to call a "counteroffer" in the neighborhood of four years and $64 million. I can see this one settling in around 3/$45 with a vesting option or even 4/$60. Four guaranteed years is a lot for a pitcher who will be 36 this season, so an option of some sort would clearly be the preference for the Mets.
Marty Noble predicted the Mets would make offers to two of Lowe, Oliver Perez and possibly Randy Wolf this week.