The Giants can exclusively negotiate with the left-handed slugger, who filed for free agency Saturday, until Nov. 11, when he also can begin talking to other clubs.

"There have been preliminary conversations, and it's anticipated there will be additional conversations in the near future," the source told MLB.com.

Bonds' agent, Jeff Borris, confirmed that he had had preliminary discussions with Giants executive vice president and chief operating officer Larry Baer this week, calling it "a fair characterization," and expects those talks to continue.

"I don't know what the Giants' timetable is," said Borris when reached by phone in Los Angeles. "It's hard for me to gauge them at this time."

Asked to define the tone of the talks, Borris said: "Professional."

Baer, when reached in San Francisco, declined to comment.

But the Giants have yet to make an offer to their longtime left fielder, who has 734 career homers, 21 home runs behind Hank Aaron's all-time Major League-leading 755. And there's no determining when or if an offer will be forthcoming.

Bonds, when reached in Los Angeles on Friday, said it was way too early to worry about his future in baseball and whether he'll be back in San Francisco for a 15th season.

"It's Nov. 3," the 42-year-old Bonds said. "Come to me with an offer in December and I'll let you know what my decision is. Right now, I'm home enjoying my family and kids, doing exactly what I should be doing."

Under the rules of the new Basic Agreement, the Giants have until Dec. 1 to offer Bonds arbitration, but unlike the past, they no longer have to do so in order to reserve the right to continue to negotiate with him until Jan. 8. The latter date has been stricken and the originating club now can continue to negotiate with its free agents at all times whether arbitration is offered, accepted or not.

Offering arbitration reserves draft-pick compensation for the team. But if a player accepts, as Bonds did the last time he was a free agent when the Giants offered arbitration in 2001, it takes him off the market and binds him contractually to the team for at least one season.

Ultimately, back then, Bonds re-signed with the Giants for $90 million and remained in San Francisco for five more years.

Bonds finished this past season with 26 homers, tied with Ray Durham for best on the team. That figure was the most ever for a player who celebrated his 42nd birthday during the course of that season. His .454 on-base percentage led the Major Leagues and was the highest since 1894 for a player his age with more than 300 plate appearances.

Bonds also led the National League with 115 walks, extending his record MLB career mark to 2,426. He hit .270 with 23 doubles, 77 runs batted in and 74 runs scored in 130 games, even though he was batting .235 as late as Aug. 19. He finished 159 hits short of the 3,000 mark and 69 RBIs away from 2,000.

A day after the conclusion of the season, Bonds had bone chips removed from his left elbow and has fully recovered. His right knee, which underwent surgery three times in 2005, is also in its best condition since then, he said.