The Yankees are expected to ramp up negotiations in coming days in an effort to put longtime star Derek Jeter back in pinstripes, but Jeter will still have to accept some sort of pay cut to stay, according to a league source familiar with their thinking.
The Yankees appear willing to enhance their latest $45 million, three-year offer to retain the iconic Yankee, but are said to be unwilling to match his previous salary on a deal of at least three years. Jeter just completed a 10-year, $189-million deal that paid him about $21 million in 2010.
The Yankees’ next offer is expected to be for a couple million more per year, so perhaps in the $50 million range for three years. Indications thus far are they have very little inclination to add a fourth year, though that can’t be entirely ruled out. The team would like to complete the Jeter negotiations so they can get to the rest of their offseason to-do list, bringing Jeter’s longtime friend and iconic closer Mariano Rivera back into the fold and pressing to sign superstar free agent pitcher Cliff Lee.
Jeter is said by someone familiar with the talks to be looking for about $23 million annually on a deal of four-to-five years.
The Yankees appear to be the only bidder for Jeter even at $45 million over three years. Raising their bid now would appear to be bidding against themselves, but with the sides so far apart they are going to have to give a little to make Jeter happy. Also, it is possible that these negotiations could drag on for quite a while, the Yankees may want to raise their bid just to get this done quickly.