Sorry for using ESPN but this is my source right now.
Free-agent first baseman Mark Teixeira has reached agreement with the New York Yankees on an eight-year contract worth $180 million
, two sources involved in the negotiations tell ESPN The Magazine's Buster Olney.
The Yankees swooped in on the 28-year-old Teixeira on Tuesday when it was believed the Boston Red Sox or the Washington Nationals were the likeliest to be his future employer. The Red Sox's offer was believed to be in the range of $170 million, and the Nationals reached out with an offer perhaps greater than that of Boston.
Teixeira finished last season with the Los Angeles Angels following a trade from Atlanta. The Angels withdrew from negotiations on Sunday night, in a very public manner, and say they were moving on to other players.
Because Teixeira grew up in the Baltimore area, the Orioles had long been viewed as a possible landing spot for him. But since the O's made a seven-year, $140 million offer, they did not revise it -- nor have they had active negotiations with his agent, Scott Boras, according to sources.
Teixeira's negotiations with the Red Sox appeared to stall last week in the failed meeting between the team executives and the player. The Nationals reportedly made an offer of eight years and $160 million.
The first baseman, who batted .308 with 33 home runs, 121 RBIs and a .552 slugging percentage for the Angels and Braves last season, had made it clear that he wanted to make a decision on where to play next season and beyond by Christmas.
The Yankees have spent more than $400 million in salary in the last month, with $161 million going to left-handed pitcher CC Sabathia in a seven-year deal and $82.5 million on right-hander A.J. Burnett for five years.
The agreement with Teixeira gives New York the four highest-paid players in baseball -- third baseman Alex Rodriguez, shortstop Derek Jeter, Sabathia and Teixeira.
Buster Olney is a senior writer for ESPN The Magazine.