Xander Bogaerts Paul Rutherford-USA TODAY Sports

The Boston Red Sox are hoping to re-sign Xander Bogaerts, but they have reportedly begun preparing for the possibility that they could lose the star shortstop in free agency.

Bogaerts became a free agent on Monday after he opted out of the remaining three years and $60 million on his contract. Chief baseball officer Chaim Bloom said this week that bringing back Bogaerts is the team’s “first choice” but that they have an obligation to explore all options.

If Bogaerts walks, the Red Sox will likely move Trevor Story to shortstop. Story played the position for the first six years of his career with the Colorado Rockies before he signed a six-year, $140 million deal with Boston last offseason. Mark Feinsand of MLB.com was told by sources that the Red Sox have reached out to teams about potential trades for second basemen in case they cannot re-sign Bogaerts.

The Red Sox are also trying to sign Rafael Devers to an extension as he enters his final season of arbitration eligibility. Replacing both Devers and Bogaerts in the lineup would be extremely difficult, no matter which second basemen Boston might be eyeing in potential trades.

Bogaerts is one of the best shortstops in baseball. He hit .307 with 15 home runs and 73 RBI in 150 games last season. The 30-year-old was named an All-Star for the fourth time.

Even if the Red Sox are confident they have a contingency plan in place, one franchise legend recently issued a warning to them about letting key players leave.

More must-reads:

TODAY'S BEST
Ant-Man leads Timberwolves to Game 1 upset of Nuggets
Luis Arraez makes history in Padres debut
Corey Heim dominates Truck Series race at Kansas Speedway while tempers flare on pit road
Lionel Messi sets MLS record with monster game
Watch: Anthony Edwards does it all for Minnesota
Watch: 150th Kentucky Derby ends in three-horse photo finish
Clippers could see nine-time All-Star jump ship this summer
Phillies get rough injury news on Trea Turner
Watch: Yankees star Aaron Judge receives first career ejection after arguing called third strike
Mavericks lose key player for 'significant period of time'
Blue Jays manager John Schneider blasts team after latest loss
Lakers make another big change after firing Darvin Ham
Draymond Green doubles down on Knicks' inability to win a championship
Phillies lose two-time All-Star to injured list
NBA announces punishment for Lakers star over actions in elimination game
Heat may be cooling on Jimmy Butler's long-term future
NFL insider defends former Steelers QB Kenny Pickett from 'bust' label
Nuggets may miss this player as postseason run continues
Report: Russell Westbrook situation 'far more challenging' than previously thought
Kansas City Chiefs release former second-round pick at WR