Andy Pettitte inks $12 million contract

Andy Pettitte is officially back with the Yankees, a source told ESPN's Buster Olney Wednesday. Pettitte, 40, is due $12 million next season, plus awards bonuses.

The contract the lefthander pitched on last season was for $2.5 million. In 12 starts, Pettitte went 5-4 with a 2.87 ERA and 69 strikeouts.

Pettitte will rejoin CC Sabathia and Hiroki Kuroda in the rotation. The other two spots would presumably go to a combination of Phil Hughes, Michael Pineda, Ivan Nova and David Phelps.