After New York Yankees starting pitcher Gerrit Cole opted out of his four-year, $144 million deal, the 11-year right-hander balked on a potential extension and will remain in the Big Apple. Cole is staying with the Yankees on the same four-year deal he opted out of, according to ESPN’s Jeff Passan.

“Right-hander Gerrit Cole is remaining with the New York Yankees on the four-year, $144 million deal that he had opted out of, sources told ESPN. Discussions on a potential contract extension will continue. Essentially, it’s the same as if Cole did not opt-out,” Passan reported.

Both sides couldn’t agree on a long-term extension, and neither wanted to go their separate ways, according to the New York Post’s Jon Heyman.

“Cole will continue on with his existing agreement with the thought extension discussion will occur later,” Heyman reported. “Both sides wanted to stay together, so they did.”

The Yankees are expected to remain active throughout MLB’s offseason.

Juan Soto’s free-agency decision will impact Yankees’ offseason

New York Yankees outfielder Juan Soto (22) on third base during the first inning in game four of the 2024 MLB World Series against the Los Angeles Dodgers at Yankee Stadium.
Brad Penner-Imagn Images

In dramatic comeback fashion, the Los Angeles Dodgers ended the New York Yankees’ season in a 7-6 Game 5 win in the World Series, securing a 4-1 victory for the 2024 MLB champions. Soto’s new deal is projected to command a multiyear contract worth up to $514 million.

After watching the Dodgers celebrate their second World Series title in two years, Soto sounded non-commital to staying with the Yankees but had the utmost respect for the players and organization, per ESPN’s Jorge Castillo.

“Leaving any place that’s is a winning team is always hard, and definitely, this place was really special,” Soto said. “It’s been a blast for me. I’ve been really happy. If I’m here or not, I’ve been really happy for the teammates that I have and the people that I [got] to know.”

The Yankees acquired Soto, with outfielder Trent Grisham, less than a year ago in a trade with the San Diego Padres for five players, headlined by right-hander Michael King. Soto cranked out a career-high 41 home runs in 2024.