BOSTON -- Curt Schilling will remain with the Red Sox for the 2008 season, as the veteran right-hander inked a one-year contract to likely end his major league career.

The announcement was made by Red Sox general manager Theo Epstein and Schilling elaborated on the deal on his Web site, saying he passed an MRI on Tuesday.

Schilling said the deal has a guaranteed base salary of $8 million with $2 million in bonuses tied to six separate weigh-ins. Schilling said the clause was inserted because "being overweight and out of shape are two different things. I was also completely broad-sided by the fact that your body doesn't act/react the same way as you get older."

Schilling, who will turn 41 next Wednesday, said he and his wife, Shonda, agreed they wanted no more than a one-year deal.

"We wanted to stay here," Schilling posted on his Web site. "So while there will be points of debate, they'll all miss the point. We got EXACTLY what we wanted, and then some. This is where we want our career to come to a close. This city, this team. This is where we want to retire, raise our kids, and walk away. We got it, all of it, and more."

The Astros, Diamondbacks and Phillies also contacted Schilling after he filed for free agency, but in the end, Schilling said money was still a factor.

"Saying it's not about the money is a lie too," Schilling said on his Web site. "Both sides have a price, at some number I was not a viable option for the Red Sox, and at another number the Sox might have become a non-contender to us, but we both wanted this to happen and it did."

Schilling was 9-8 with a 3.87 earned run average in 24 starts last season, but was 3-0 with a 3.00 ERA in four postseason games. He is 11-2 all-time in the playoffs.

During his career, Schilling has posted a 216-146 record with a 3.46 ERA, having also pitched for Baltimore, Houston, Philadelphia and Arizona. The six-time All-Star and co-MVP of the 2001 World Series when he was with the Diamondbacks missed 1½ months last season due to tendonitis in his shoulder.

Schilling ended his posting, pushing the Red Sox to re-sign third baseman Mike Lowell, MVP of the 2007 World Series sweep of Colorado.

Pettitte Opts Out Of Yankees Deal

Andy Pettitte has chosen to decline his $16 million option from the New York Yankees, instead choosing to become a free agent, and is reportedly contemplating retirement.

According to the New York Daily News, general manager Brian Cashman said the Yankees want Pettitte to stay on for the 2008 season.

The 35-year-old Pettitte was 15-9 with a 4.05 ERA in 34 starts (36 appearances) in 2007. He was tied for first in the American League in games started, and ranked ninth in the league with 215 1/3 innings pitches. Those were his most innings pitched in a season with the Yankees since 1998, and his most starts with the team since 1997.

Pettitte's last game came in the playoffs when he threw 6 1/3 shutout innings against Cleveland in Game 2 of the AL Division Series. The Yankees lost that game in 11 innings and were eliminated from the first round of the playoffs for a third straight year.

Then came the exit of manager Joe Torre, who was introduced Monday as the new skipper of the Dodgers.

The Yankees and new manager Joe Girardi have plenty of question marks surrounding their rotation for next season. Chien-Ming Wang and Mike Mussina could be joined by the young arms of youngsters Phil Hughes, Joba Chamberlain and Ian Kennedy.

If Pettitte declines to come back to the Yankees it could prove costly to the team. He's 70-33 in regular season games immediately following a Yankee loss. Pettitte has also posted a winning record and made at least 15 starts in each of his 13 seasons in the majors.

Pettitte's career mark stands at 201-113 with a 3.83 ERA in 403 games (393 starts). The two-time All-Star has also pitched for Houston (2004-06) during his 13-year major league career.