"We all have limits," Red Sox owner John Henry said in an e-mail to The Associated Press. "Eight years is a very long time in baseball and everywhere else."

He also said the amount the team is willing to spend on a free agent "depends on both" the economy and the player being sought.

"Baseball as a whole has not yet been hit by the financial crisis, but it will," Henry said. "The degree is in question and won't be answered for a while."

A decision by Teixeira on where he will end up did not appear imminent.

"No immediate timetable," his agent, Scott Boras, said in an e-mail Wednesday. "Negotiations are on going."

The Angels, who obtained Teixeira from the Atlanta Braves two days before the July 31 trade deadline, have said they made an eight-year offer. Boston, Baltimore, Washington and the New York Yankees all have expressed interest with some reportedly offering contracts for that length.

Teixeira would give the Red Sox the big bat in the middle of the lineup that they need after trading Manny Ramirez to the Los Angeles Dodgers at the deadline and watching David Ortiz's production drop as he battled a wrist injury last season.

Ortiz hit .264 with 23 homers in 109 games and went 8-for-43 with one homer in the postseason.

If they sign Teixeira, the Red Sox likely would move first baseman Kevin Youkilis to third, where Mike Lowell has two years and $24 million left on his contract. Lowell is recovering from hip surgery and is expected to be ready to play before opening day.

Teixeira, an outstanding fielder, hit .308 with 33 homers and 121 RBIs last season. In 54 games with the Angels, he batted .358 with 13 homers and 43 RBIs.