UPDATE: Justin Upton is also an option in the event the O's lose Davis.

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The past two offseasons have not been kind to the Baltimore Orioles. A number of their star MLB players have hit free agency over that time period and a majority of them have left (or are leaving) for long-term lucrative contracts. However, the O's apparently won't make the same mistake as last year.

Rumors suggest the team is still engaged in discussions with free agents and "will again do a lot of their offseason work post-holidays," according to ESPN's Buster Olney. From the latest reports, those free agents include Yovani Gallardo, Antonio Bastardo and Chris Davis.

Let's take a look at the status surrounding each of these players and how likely Baltimore has a chance at signing them.

Gallardo

The right-hander was a victim of the overly-talented class of free-agent pitchers this offseason. He remains unsigned despite a solid career thus far and a formidable 2015 season where he went 13-11 with a 3.42 ERA, 1.42 WHIP and 121 strikeouts in 33 starts (184 1/3 innings) with the Texas Rangers.

Gallardo, 29, spend his previous eight MLB seasons with the Milwaukee Brewers, during which he amassed an 89-64 record with a 3.69 ERA, 1.30 WHIP and 1,226 strikeouts in 214 games (211 starts).

Chris Cotillo of SB Nation reported yesterday that the O's are one of three teams in the mix for Gallardo. The Kansas City Royals and Houston Astros are the other two, which doesn't pose that big of a threat because neither of those clubs have greater spending power than Baltimore.

MLB experts have predicted Gallardo to land a deal in the four-year, $50 million range, so we'll see what comes out of this. Those financials are certainly within reach for the Orioles.

Bastardo

This is the newest development surrounding Baltimore. They already re-signed setup man Darren O'Day, who has been one of the best in the MLB over the past four seasons, but the presence of Bastardo will further help them extend the bullpen and provide greater relief for their mediocre (at best) starting rotation.

"The Mets and the Orioles are among the teams involved in discussions with reliever Antonio Bastardo, the left-hander who had a very strong second half for the Pirates last year," adds Olney in his latest column.

"If the Orioles land Bastardo, they would have a dynamic bullpen again, with Zach Britton and Darren O'Day at the back end."

The 30-year-old left-hander went 4-1 with a 2.98 ERA, 1.13 WHIP and 64 strikeouts in 66 games (57 1/3 innings) with Pittsburgh last season and has been a fairly successful reliever during his seven-year MLB career.

However, Bastardo is looking for a three-year contract in the $18 million range, which might prove costly to the O's if they're prioritizing starting pitching as well as a power bat above all else.

Speaking of power bats...

Davis

The O's reportedly made an offer north of $150 million to Davis at the Winter Meetings, but, as a client of Scott Boras, the slugger rejected it. It was then reported the team rescinded that offer as one can imagine ownership wasn't too thrilled about it not being accepted.

Baltimore likes Davis and Davis likes Baltimore, but Boras will keep his clients out on the open market until the best possible offer is made. Earlier reports suggested Davis was seeking an eight-year, $200 million deal, but at this point in the offseason it's unknown if any team would be willing to dish out such a commitment.   

Still, Baltimore has not given up.

"[The Orioles] are still open to bringing back Chris Davis (if they don't commit big dollars to another player)," Olney adds again.

While it still remains a possibility, the team cannot keep waiting on the 29-year-old. They still have needs to fill and before they make any other moves it's probable they'll need to know whether or not they'll be committing that $150 million or more to Davis.

"There are important moves to be made and the lingering uncertainty of the Davis situation seems - to a certain extent - to be holding the Orioles hostage as baseball front offices prepare to reopen after the holidays and get back to business this week," writes Peter Schmuck of the Baltimore Sun.

Sure, a reunion has not been ruled out, but there's also no guarantee that Davis will re-sign or that other free agents will wait around for the Orioles to get their priorities in order.

The team has a wide range of free agency plans. With the offseason progressing, some of those plans may need to be put in motion before it's too late.