Report: Cole opts out; Yankees can void by adding $36M to deal

New York Yankees ace Gerrit Cole opted out of his contract, which still had four years and $144 million left on it, sources told Kiley McDaniel and Jeff Passan of ESPN.

The Yankees can void the opt-out by adding one year and $36 million to the deal, which would give him $180 million over the next five seasons.

The six-time All-Star can become a free agent if the Yankees don't add the extra year by midnight ET on Sunday.

Cole authored a 3.41 ERA with 1.13 WHIP and 9.4 K/9 over 95 innings (17 starts) in 2024.

The 34-year-old didn't make his season debut until mid-June after dealing with an elbow injury.

Cole, the 2023 AL Cy Young winner, owns a 3.12 ERA with 915 strikeouts over 759 innings (125 starts) since joining the Yankees on a nine-year, $324-million deal in December 2019.