Gerrit Cole staying with Yankees on current contract; extension talks ongoing

Gerrit Cole will remain with the New York Yankees rather than become a free agent.

New York had until 5 p.m. ET to add a $36 million salary for 2029 to his contract, which had four years and $144 million remaining.

The sides were still working on a revised contract, two people familiar with the negotiations told The Associated Press. The people spoke on condition of anonymity because no announcement was made.

Cole’s $324 million, nine-year deal, agreed to before the 2020 season, gave him the right to opt out following the 2024 World Series but said the Yankees could void the opt out by adding the additional year.

A 34-year-old right-hander, Cole won the 2023 AL Cy Young Award. His 2024 season didn’t start until June 19 because of nerve irritation and edema in his right elbow. The six-time All-Star went 8-5 with a 3.41 ERA in 17 starts, then was 1-0 with a 2.17 ERA in five postseason starts.

New York’s decision gives the Yankees six potential rotation returnees, a group that includes Carlos Rodón, Clarke Schmidt, Luis Gil, Nestor Cortes and Marcus Stroman.

Reporting by The Associated Press.

[Want great stories delivered right to your inbox? Create or log in to your FOX Sports account, follow leagues, teams and players to receive a personalized newsletter daily.]

FOLLOW Follow your favorites to personalize your FOX Sports experience