Report: CC Sabathia set to opt out of contract

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As widely anticipated, CC Sabathia is planning to opt out of the remaining four years of his contract prior to Monday night’s deadline, SI.com’s Jon Heyman reports.

The Associated Press says that the Yankees have made Sabathia a new offer in an attempt to get him to forgo opting out. Sabathia has $92 million left on the seven-year, $161 million contract he signed with the Yankees after the 2008 season.

Heyman states that the Yankees remain the favorites to sign Sabathia, but that the 31-year-old left-hander does plan to explore his options. Heyman lists the Red Sox, Cubs, Tigers, Blue Jays and Rangers as candidates to put in bids.

Sabathia could be in line something like $150 million over six years as part of a new contract. That would give him a $25 million annual salary, compared to the $23 million he’d be giving up by opting out.