UPDATE: Mets and Francisco Rodriguez cancel hearing, close to settlement

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UPDATE: The Mets confirmed to Steve Popper of the Bergen Record that Monday’s hearing with Francisco Rodriguez has been canceled and that the two sides are nearing a settlement.

10:50 AM: According to Dan Martin and Joel Sherman of the New York Post, the Mets and Francisco Rodriguez are close to a negotiated settlement and may avoid Monday’s scheduled arbitration hearing.

According to the report, there is “belief between the parties” that an agreement could be announced by a soon as Monday or Tuesday.

A settlement likely means that the Mets will not be able to avoid paying the remainder of Rodriguez’s contract, which includes $11.5 million next season and a $17.5 million vesting option for 2012. As we’ve said all along, the most realistic scenario is that the team would be able to recoup some or all of the salary from the time K-Rod missed due to his thumb injury.

In other words, barring picking up a significant portion of his salary in a trade — or jail time, which will likely be avoided with a plea agreement — Rodriguez will be back with the Mets next season.

Blue Jays place Aaron Sanchez on 10-day disabled list

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The Blue Jays placed right-hander Aaron Sanchez on the 10-day disabled list with a contusion in his right index finger, per a team announcement on Saturday. The assignment is retroactive to Friday. In a corresponding move, righty Marcus Stroman was activated from the DL (right shoulder fatigue) and will take the mound for the Blue Jays at 9:07 PM ET tonight.

Sanchez, 25, is in his fifth season with the club. He hasn’t looked his sharpest so far this year, going 3-5 in 15 starts with a career-worst 4.52 ERA, 5.1 BB/9 and 7.6 SO/9 through 79 2/3 innings. It’s not yet clear how long he’ll be sidelined, though he could miss as little as one turn in the rotation before returning to the roster in the next week or two.

Sanchez isn’t the only struggling starter in Toronto’s rotation, either. Per MLB.com’s Gregor Chisholm, the team placed southpaw Jaime Garcia on the DL (right shoulder tenderness) as well, with lefty reliever Tim Mayza scheduled to take his spot on the roster. In 13 starts this season, Garcia carried a 2-6 record, 6.16 ERA, 4.5 BB/9 and 8.2 SO/9 over 61 1/3 innings. Any further decisions pertaining to the rotation — including Tuesday’s starter against the Astros — have yet to be publicly addressed.