Report: Yankees, Mussina agree on two-year deal

Updated: November 16, 2006, 12:12 AM ET
ESPN.com news services

Mike Mussina
Mussina

Mike Mussina and the New York Yankees have agreed to a two-year, $22.5 million contract extension, the New York Post reported, citing unnamed industry sources.

In an interview with MLB.com, Mussina said the deal should be done by next week.

"I would say it should be done within a week; at least, I would hope so," Mussina told MLB.com. "We're that close to having it finished, but I haven't signed anything yet."

Mussina's $17 million option for 2006 was declined Wednesday by the Yankees. The 38-year-old right-hander gets a $1.5 million buyout.

His agent, Arn Tellem, described talks this week as being "in the red zone."

In the final season of an $88.5 million, six-year deal, Mussina went 15-7 with a 3.51 ERA in 32 starts this year.

"I'm really happy that he's going to be back," Yankees catcher Jorge Posada said at Alex Rodriguez's charity poker tournament in New York. "He's a perfectionist. He's a professional. And you understand, every time he goes out there, you understand that you have a chance to win. He prepares and he's ready. So I'm really happy."

A 16-year veteran, Mussina has a career 239-134 record with a 3.63 ERA and 2,572 strikeouts for the Yankees and Baltimore Orioles. He is a five-time All Star.

The Yankees, who lost out to the rival Boston Red Sox in the bidding for the right to deal with Japanese right-hander Daisuke Matsuzaka, are in the midst of remaking their pitching staff.

In the past week they have dealt Jaret Wright to the Orioles for right-handed releiver Chris Britton -- agreeing to pay $4 million of Wright's $7 million salary in the bargain -- and sent disgruntled outfielder Gary Sheffield to the Detroit Tigers for three pitching prospects.

Information from The Associated Press was used in this report.