The 32-year-old right-hander would add to the arsenal of top pitchers for the Red Sox, who are American League East division rivals of the Blue Jays and reigning World Series champion New York Yankees.
The Yankees were the winningest team in baseball this season while the Red Sox were second in the division to claim a wild-card playoff berth but ousted by the Los Angeles Angels in the first round.
New Blue Jays general manager Alex Anthopoulos will consider trade offers before the season but could wait as late as next July's trade deadline to search for the right deal.
A Halladay-to-Boston move was mentioned last season but never materialised.
Halladay, whose entire 12-year major league career has been spent in Toronto, has said he would like to play for a contending club. The Blue Jays have struggled since their 1992 and 1993 World Series titles.
Halladay, a six-time All-Star and 2003 Cy Young Award winner as top pitcher, was 17-10 last season with a 2.79 earned-run average and 208 strikeouts but the Blue Jays went 75-87 and finished 28 games behind the pace-setting Yankees.
The Angels and Yankees are expected to be among those rivaling the Red Sox in the chase for Halladay.
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