As the New York Post speculates, Texas and others believe that the New York Yankees, Texas' main competitor for Lee, have already made their offer to Lee which is believed to be either a five or six-year offer.
Lee declined the Rangers offer for salary arbitration yesterday. Given that Lee is a Type A free agent, if he leaves Texas and signs with another team, the Rangers will receive two draft picks.
The Rangers will likely want to know Cliff Lee's decision sometime in the next week or so. The Winter Meetings are set to kick off next Monday in Lake Buena Vista, Florida, so things between Lee and Texas should begin moving quickly. It's widely speculated that the loser of the Cliff Lee sweepstakes will make a run at Kansas City Royals ace and 2009 Cy Young winner Zack Greinke.