Breaking: Gerrit Cole will remain with the New York Yankees on the four-year, $144 million deal that he had opted out of, sources told Jeff Passan.

Discussions on a potential contract extension will continue. Essentially, it’s the same as if Cole did not opt out.

The New York Yankees are sticking with pitcher Gerrit Cole for the long term. Cole opted out of his contract over the weekend, but the Yankees and Cole have decided to stay together, per multiple reports from the New York Post’s Jon Heyman and ESPN’s Jeff Passan.

The two sides will keep discussing a potential extension to Cole’s four-year, $144 million deal.

Right-hander Gerrit Cole is remaining with the New York Yankees on the four-year, $144 million deal that he had opted out of, sources told ESPN. Discussions on a potential contract extension will continue. Essentially, it’s the same as if Cole did not opt out.

— Jeff Passan (@JeffPassan) November 4, 2024

Cole signed a nine-year, $324 million deal in 2019 — then the richest contract in league history — to bring him to New York through 2028. Cole will turn 38 years old in the final year of his current deal.

New York had until 5 p.m. ET Monday to decide whether to restructure the deal.

Cole, a six-time All-Star, missed the start of the 2024 season due to nerve inflammation. He finished the season with 99 strikeouts and a 3.41 ERA across 95 innings in 17 games.Cole is one season removed from unanimously winning the AL Cy Young award in 2023, and he started the 2023 All-Star Game for the American League.

This is shaping up to be a busy offseason for the Yankees, who have to re-sign or find replacements for free agents, including Juan Soto, Gleyber Torres, Alex Verdugo and Clay Holmes. New York declined a team option on first baseman Anthony Rizzo and declined pitcher Lou Trivino’s option but did exercise the team option for reliever Luke Weaver.