Lester "pulled the plug" on the Giants before they made him their final offer, reports the Boston Globe's Nick Cafardo.
The Los Angeles Dodgers are also out of the running, reports Dylan Hernandez of the Los Angeles Times. On Monday, it was reported that the Giants and the Chicago Cubs were the favorites for Lester, something his agent denied. Lester is believed to be down to the Cubs and the Boston Red Sox now.
The Giants reportedly met with Lester's agent on Sunday night in hopes of getting a deal with Lester done this week. The Cubs are believed to have offered Lester a contract worth more than $135 million last month, according to CSN Chicago.
The Red Sox traded Lester, 31, to the Oakland Athletics before the July 31 non-waiver deadline, getting outfielders Yoenis Cespedes and Jonny Gomes in return. Owner John Henry reportedly flew to Atlanta to personally talk with Lester on Friday.
With Lester bound for free agency after the season, the notion of him re-signing with the Red Sox has widely been considered a possibility. On Friday, Jon Heyman of CBSSports.com reported that the Red Sox were "favored" to land Lester, though their offer was reportedly "maybe a bit lower" than those from other teams believed to be in the $130-140 million range.
Lester went 16-11 overall last season, posting a 2.46 ERA with 220 strikeouts and 48 walks. In the postseason, he started the American League Wild Card Game for the A's, allowing six earned runs, striking out five and walking two over 7.1 innings of a 9-8 loss to the Kansas City Royals.
- Molly Geary and Mike Fiammetta