General manager Theo Epstein released a statement saying he met Friday with Francona, as well as owner John Henry, chairman Tom Werner, president Larry Lucchino and assistant general manager Ben Cherington.
The statement said they met at Fenway Park to, "exchange thoughts and information on the 2011 season and discuss areas for improvement going forward.
"We all plan on taking some time to process the thoughts expressed in the meeting. There are no immediate plans for an announcement."
The meeting came two days after the Red Sox lost to Baltimore, ending their season and completing an epic collapse. They went 7-20 in September and squandered a nine-game lead in the AL wild card race to the Tampa Bay Rays.
A Foxsports.com report said the Red Sox are expected to decline their club options on Francona for 2012 and '13, rather than fire him.
Francona led the Red Sox to World Series titles in 2004 and '07, and has an overall record of 744-552 in eight seasons with the club.