Hayato Terahara met with the Orix Buffaloes and informed them of his decision.  He later spoke to reporters and said, "I told them what I was planning to do. ... I have not decided 100 percent that I will not remain here."

The Softbank Hawks are expected to contact Terahara if he really does exercise his FA option.

Source: Nikkan Sports 10/31/2012

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UPDATE 11/1 @ 10:01am - Terahara did not attend the first day of fall camp on Wednesday and worked out on his own.  He told the Buffaloes that he spent a lot of time thinking about his FA option and that his decision to exercise it was firm and unchangeable.  The team has offered him a two-year deal worth an estimated 200M yen.  They may be willing to consider making changes to their offer based on how future negotiations go.  The Buffaloes would like Terahara to remain on their team.  Source: Sports Hochi Osaka 11/1/2012

The Softbank Hawks could offer Terahara a four-year deal worth 400M yen.  They may also be willing to throw in the uniform number twenty.  Source: Nikkan Sports 11/1/2012