"The Mets have told reliever J.J. Putz that they are likely to decline his $8.6 million option for 2010 and buy him out for $1 million instead, his agent said yesterday.

The club cited health concerns in making the long-expected move, pointing to elbow surgery and forearm problems that caused the former All-Star closer to miss the entire second half of his debut season with the Mets.

Putz's agent, Craig Landis, told The Post that the right-hander understood the decision and hasn't ruled out returning to the Mets under an incentive-laden deal once free agency begins Nov. 20.

Landis said Putz feels healthy and expects to be ready for the start of spring training.

If Putz doesn't return, the Mets will have little to show for the three-team trade in December 2008 that brought Putz from Seattle with fellow reliever Sean Green and little-used backup outfielder Jeremy Reed."