UPDATE: Yankees on verge of deal with Derek Jeter

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UPDATE: We’re still hearing it’s a three-year deal worth between $15-17 million per season, but here’s a little more on the fourth year.

A source tells Marc Carig of the Newark Star-Ledger that the fourth year will include a combination of guaranteed money and compensation that will also be tied to incentives. Described as “very unusual” by the source, the two sides are still “tweaking” the structure of the fourth year, which appears to be the final hurdle before this one becomes official.

Carig writes that negotiations could be completed as soon as tonight, but that an official announcement may not come until next week’s winter meetings.

11:32 AM: Jack Curry of YES Network reports that both Derek Jeter and Mariano Rivera have agreed to defer money as part of their new contracts.

10:25 AM: Jon Heyman of SI.com hears that Jeter’s new contract is “for around” $16 million per season and may be finalized by as soon as today. He adds that “final hurdles” will determine how the fourth year will be treated. Meanwhile, Ken Rosenthal of FOXSports.com writes that it will be a three-year deal worth between $15-17 million per season. Interestingly, he hears that a fourth year will not be guaranteed, nor will it be a vesting option, however it will be something called a “creative, hybrid solution.” Stay tuned.

8:37 AM: While most of us were sleeping, Sweeny Murti of WFAN.com tweeted that Derek Jeter and the Yankees were talking about a three-year contract worth $51 million (less than last night’s reported numbers) which would include an option for a fourth year valued at $10 million. He reports that the two sides are getting “very close.” I imagine it was the Rod Barajas contract that gave Jeter the leverage he needed.

In any case, it sounds like an agreement could be reached at any moment, so stay tuned for the latest.

Friday, 11:25 PM: It’s almost over.

Roger Rubin and Bill Madden of the New York Daily News report that the Yankees could reach a deal with Derek Jeter by as early as tonight or Saturday.

No surprise, both sides compromised from their initial demands. According to the report, Jeter would make somewhere “in the neighborhood” of $19 million annually over three years and the contract could include a vesting option for a fourth year with “reachable parameters.” Gee, it’s almost like this whole thing has been scripted.

Sweeney Murti of WFAN.com hears similar contract details and adds that the Yankees are “working into the night” to get a contract done. It sounds like they want to get Jeter and Mariano Rivera out of the way before the winter meetings begin next week.

Angels acquire Jabari Blash from the Yankees

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The Yankees announced on Wednesday that the club traded outfielder Jabari Blash to the Angels in exchange for a player to be named later or cash considerations.

Blash, 28, was acquired by the Yankees from the Padres back in December in the Chase Headley trade. In trading Blash to the Angels, the Yankees were able to free up a spot on the 40-man roster for Brandon Drury, the infielder they acquired as part of a three-team trade with the Diamondbacks and Rays on Tuesday.

Over parts of two seasons in the majors, Blash has hit an underwhelming .200/.323/.336 in 279 plate appearances. He will try to play his way into a bench role for the Angels this spring.