According to the Associated Press, "Tim Wakefield's $4 million option was exercised Friday by the Boston Red Sox after the knuckleballer missed the World Series because of inflammation behind his right shoulder... Wakefield matched his career high in wins with a 17-12 record but injured his back late in the season and was not on the rosters for the AL division series and World Series. Boston has an annual option to extend his contract for a year at a time for $4 million for as long as it wants."
ESPN - Red Sox exercise options on Wakefield, Tavarez - MLB