DENVER — The Yankees are preparing to offer Alex Rodriguez a contract extension that probably will run for four or five years and have an average yearly salary of $25 million to $30 million.
New York has attempted to set up a meeting with A-Rod but the slugger's agent, Scott Boras, hasn't committed to a face-to-face session. Rodriguez can opt out of his record $252 million, 10-year contact up until the 10th day following the World Series.
He is owed $72 million by the Yankees during the final three seasons of that deal, but New York would receive a $21.3 million subsidy from the Texas Rangers, who originally signed Rodriguez to the contract and agreed to the payments when they traded A-Rod to New York in 2004. The Yankees would lose that subsidy if Rodriguez terminates the contract and say they would drop out of negotiations if he opts out.
In addition, A-Rod is owed $3 million annually in deferred money by the Rangers, payments that were converted to an assignment bonus at the time of the trade.
The Yankees have not yet finalized the proposal they intend to make, but the contemplated parameters were discussed by a baseball official who spoke on condition of anonymity because the details have not been made public.
Rodriguez is expected to win the AL Hank Aaron award, which will be given out Sunday before Game 4 of the World Series. A-Rod will not be on hand to accept it, however.
"He has a family matter," Boras said.
Meanwhile, Yankees general manager Brian Cashman said Saturday there were no developments in the team's managerial search. Hank Steinbrenner, a son of owner George Steinbrenner, said the team will make a decision Monday and an announcement the following day if given permission by commissioner Bud Selig, who must approve announcements made during the World Series.
Other Yankees officials were not as certain Saturday as to the timing of a decision.
Bench coach Don Mattingly, considered the favorite, has not heard anything from the Yankees, agent Ray Schulte said. Yankees broadcaster Joe Girardi and first-base coach Tony Pena also were interviewed for the job earlier this week.