Gerrit Cole, the star pitcher for the New York Yankees, has opted out of his contract with the Bronx Bombers days after they lost the World Series to the Los Angeles Dodgers.

But under the terms of Cole’s deal, the Yankees can still keep hold of him. He has four years left on his current contract, worth $144m. But the Yankees have the first option to extend that deal by another year, for a cost of $36million.

The 34-year-old Cole is one of the finest pitchers in the game but made a humiliating error in Wednesday’s night game against the Dodgers that sparked an awful collapse from his team.

With two outs but the bases loaded for the Dodgers, Mookie Betts drilled the ball low to Anthony Rizzo but Cole failed to cover first and Betts made it easily, allowing the Dodgers to score.

From there, the Yankees 5-0 lead was obliterated and the Dodgers ended the inning with the score at 5-5. They ended up winning 7-6 for their eighth World Series title.

‘I just didn’t know how hard he hit it and by the time the ball got by me, I was not in a position to cover first,’ Cole said after the game. ‘Neither of us were based on the spin of the baseball and [Rizzo] having to secure it. Just a bad read off the bat.’

Ultimately, it was not a surprise that Cole opted out of his deal with the chance to extend his stay on lucrative terms.

It would be a shock if the Yankees let him go. Cole missed the start of the season with an elbow issue and at one stage, there were fears he may have needed surgery that would have ended his campaign before it even started.

The Yankees also face a serious fight to keep Juan Soto, with the slugger entering free agency and a host of teams pursuing him on huge terms.

Soto, 26, is expected to be offered multi-year deals starting at around $600m. The Mets and Dodgers have been linked with rivaling the Yankees for him.

Earlier on Saturday, the Yankees announced that they are letting Anthony Rizzo go, meaning they will be in the market for new first baseman.