UPDATE: The Blue Jays are planning to hold contract extension talks with Jose Bautista as well as Edwin Encarnacion, according to ESPN's Jayson Stark.

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UPDATE:

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Josh Donaldson and Jose Bautista were the MVPs of the Toronto Blue Jays in 2015. In fact, Donaldson was voted the MVP of the American League. These two players define the team's identity and many are hopeful it remains that way.

The latest rumors suggest the Blue Jays are working to sign Donaldson to a multi-year contract. Similarly, Bautista said he hopes to remain in Toronto for the remainder of his career, which has spurred rumors regarding contract talks between him and the team as well.

Ben Nicholson-Smith of Sportsnet.ca reported earlier today that general manager Ross Atkins said the Jays are "going to work toward a multi-year deal" with Donaldson. The slugger is in his second year of arbitration eligibility and the two sides are heading for a hearing unless an agreement is reached.

Atkins also added the Blue Jays "want [Donaldson] here as long as humanly possible," which could mean a contract that covers the slugger beyond his arbitration years is part of current the discussion.

The reigning AL MVP hit .297/.371/.568 with 122 runs scored, 41 home runs and 123 RBI in his first season with Toronto after coming over in a trade with the Oakland Athletics.

On the other hand, Bautista is entering his contract year and can hit free agency after the 2016 season if the Jays don't sign him to an extension. The 35-year-old slugger was the next most prolific hitter on the team behind Donaldson. He batted .250/.377/.536 with 108 runs scored, 40 home runs and 114 RBI last year.

Bautista has been with the Jays ever since the 2008 season and he's been a six-time All-Star over that span. He also led the MLB twice in home runs during the 2010 and 2011 seasons. It's safe to say he's made his mark on baseball during his time in Toronto.

As a result, he wants to stay.

"It would be an honour if I had the opportunity to do so," Bautista told Gregory Strong of The Canadian Press when asked if he would like to finish his career with the Jays.

"I have to have something to consider at some point if I'm going to make that decision, which hasn't happened yet. So I'm going to continue to go about my business just like any other year and any other day because I don't really have a decision to make right now."

The veteran is entering the final season of a six-year, $78 million contract. It's unknown what type of offers he might get if/when he becomes a free agent because he'll be 36 years old before the 2017 season. The Blue Jays are certainly going to keep that in mind, but previous rumors have indicated the Boston Red Sox could make a run at Bautista if he hits free agency.

It's safe to say the organization doesn't want that to happen, so look for the team's new management to work towards hammering out new deals for both the Bringer of Rain and Joey Bats.