3:37 PM: The Yankees and Sabathia are close to a preliminary agreement, but not all terms are agreed to yet.  According to sources, the terms are minor.  The deal is said to be for 7 years/$161 Million which comes out to exactly $23 Million a year.  The deal is also said to include a no trade agreement and a player opt-out clause after three years.  So if Sabathia does not like the NY lifestyle (or cannot deal with the NY media or fans) he can opt out and become a free agent.

The opt-out clause would also allow him to do what A-Rod did at the end of last season – opt-out of his contract and renegotiate for a better deal.