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Posted: Sunday October 30, 2011 6:44PM ; Updated: Sunday October 30, 2011 6:48PM

Sabathia to opt out of Yankees contract, become free agent

Story Highlights

Sabathia, 31, has four years worth $92 million left on his current contract

The Yanks have already made a new offer and remain the favorites to keep him

Sabathia has gone 59-23 with a 3.18 ERA over three regular seasons in New York

By Jon Heyman, SI.com

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Left-hander CC Sabathia plans to opt out of his long-term contract with the Yankees by the Monday night deadline and become a free agent, SI.com has learned.

Sabathia, 31, has four years worth $92 million left on his current seven-year, $161 million deal but has the option -- until midnight Monday -- of voiding the final four years.

The Yankees have already made a new contract offer to Sabathia and remain the favorites to keep him, although the Cubs, Rangers, Tigers, Blue Jays and Cubs are also considered possibilities. The Yanks' offer was made over the weekend, but no details have been announced.

Sabathia agreed to a his current contract after the 2008 season, when the Yankees outbid the Angels, Giants and Brewers. He has gone 59-23 with a 3.18 ERA during the regular season for New York, helping the Yankees win the World Series in 2009.

 
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