Yankees, Soriano agree on three-year deal

With their starting rotation a question mark, the Yankees agreed to terms with former Rays closer Rafael Soriano Thursday night on a three-year contract that could be worth as much as $35 million, according to a baseball source.

The agreement is pending a physical. Soriano led the American League in saves last season with 45.

Assuming he passes the physical, Soriano will team with Mariano Rivera to give the Yankees the lockdown bullpen they will need to keep pace with the improved Red Sox in the AL East - and he eventually could replace Rivera as the Yankees' closer.

Rivera, who signed a two-year, $30-million deal in December, is 41. Soriano turned 31 last month.

According to a source, the contract negotiated with agent Scott Boras gives Soriano the right to opt out after the first and second seasons. In 2011, he will make $10 million; in 2012, he will make $11 million; in 2013, he will make $14 million.

If Soriano opts out after either 2011 or 2012, he will get a $1.5-million buyout. So the contract could be for one year and $11.5 million, two years and $22.5 million, or three years and $35 million.

Just last week, Yankees general manager Brian Cashman said he would not give up a first-round draft pick for any free agent other than Cliff Lee. Apparently, he changed his mind; the Yankees will have to surrender their first-rounder - No. 31 overall - to the Rays because Soriano is a Type A free agent.

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Soriano spent his first five years with Seattle and three more with Atlanta. He had his best year in 2010 after the Rays acquired him from the Braves.

Soriano went 3-2 with a 1.73 ERA in 64 games for the AL East champion Rays. He gave up only 36 hits and 14 walks in 621/3 innings, striking out 57. Soriano made the All-Star team for the first time (replacing the injured Rivera). He finished eighth in the Cy Young Award voting and 12th in the MVP voting.

The contract is not without risk. Soriano had Tommy John elbow surgery in 2004 and returned late in the 2005 season. In 2008, he had elbow surgery and appeared in only 14 games. But he bounced back to record 27 saves for Atlanta in 2009.

The Yankees will need an improved bullpen because their starting rotation at the moment is not as strong as it was last season.

Andy Pettitte has not decided whether to pitch in 2011, but the Yankees are assuming he will not. That leaves CC Sabathia, Phil Hughes and A.J. Burnett as the top three starters with Ivan Nova and Sergio Mitre currently 4-5.

The bullpen, however, has been strengthened by the additions of Soriano - assuming the contract is completed - and former Mets lefthander Pedro Feliciano, who signed a two-year, $8-million contract. They join holdovers Joba Chamberlain, David Robertson and Boone Logan.

Cashman has not spoken favorably about the idea of Chamberlain's becoming a starter again. But if Pettitte does not return, that idea could be revisited.

The Soriano deal was first reported by SI.com.