Breaking News: The Yankees have reached an agreement in principle to sign Mark Teixeira, SI.com has learned, beating out the rival Red Sox for the free-agent slugger's services.
Teixeira, who hit .308 with 33 home runs and 121 RBIs in 2008, will receive an eight-year, $180 million deal from the Yankees with a full no-trade provision.
The final four teams in the race to sign Teixeira were the Red Sox, Angels, Nationals and Yankees.
Sports Illustrated link.
UPDATE (zk): Confirmed by the NY Times:
The Yankees agreed to terms with the free agent first baseman Mark Teixeira on a long-term contract, according to a person in baseball familiar with the matter.
UPDATE #2: According to The Associated Press, the deal is for 8 years, $180M.
UPDATE #3: MacPhail weighs in (Sun):
"We would have loved to have had the player, who appealed to us because of the special circumstances of where he's from and where we are. We diverted from our plan to try to get him," Orioles president of baseball operations Andy MacPhail said. "But at the end of the day, it was just too much to pay for one player. It would handicap our ability to go forward."