Yankees retain pitcher Gerrit Cole on four-year, $144 million contract from which he is opted out: reports

The New York Yankees are sticking with pitcher Gerrit Cole long-term. Cole opted out of his contract over the weekend, but the Yankees and Cole have decided to stay together, according to multiple reports from Jon Heyman of the New York Post and Jeff Passan of ESPN. The two sides will continue to discuss a possible extension of the four-year, $144 million contract.

Cole signed a nine-year, $324 million contract in 2019 – at the time the richest contract in league history – to bring him to New York through 2028. Cole will be 38 in the final year of his current contract.

New York had until 5 p.m. ET Monday to decide whether to restructure the deal.

Cole, a six-time All-Star, missed the start of the 2024 season due to nerve inflammation. He finished the season with 99 strikeouts and a 3.41 ERA over 95 innings in 17 games.

Cole is one season away from winning the AL Cy Young Award unanimously in 2023 and he started the 2023 All-Star Game for the American League.

A busy offseason is shaping up for the Yankees, who will need to sign new players or find replacements for free agents, including Juan Soto, Gleyber Torres, Alex Verdugo and Clay Holmes. New York declined a team option on first baseman Anthony Rizzo and declined pitcher Lou Trivino's option, but exercised the team option on reliever Luke Weaver.