Boston ? Pedro Martinez’s $17.5 million option for 2004 was exercised Monday by the Boston Red Sox, seven months before the team needed to make a decision.

Martinez has made two stellar starts that were squandered by the bullpen, showing no sign of past arm problems.

“We’re pleased that it’s done and behind us,” Red Sox president Larry Lucchino said. “We’ve got a satisfied and focused Pedro Martinez.”

Martinez, 31, is 0-0 with a 0.60 ERA this season. The three-time Cy Young Award winner is second in the AL with 14 strikeouts.

Martinez was 20-4 and led the AL with a 2.26 ERA last season while staying off the disabled list for the first time in four seasons. But with the Red Sox out of the race, he skipped his final start to protect his arm.