The amount of the guaranteed money was reported on Thursday evening by The Associated Press, which cited a person familiar with the negotiations who spoke on condition of anonymity because the deal hadn't been finalized.

The parameters of the deal were set in place last weekend when Rodriguez reached out to the club. Rodriguez and his wife, Cynthia, then met with Hank and Hal Steinbrenner on Wednesday in Tampa, Fla.

"The meeting was a final get-together," Yankees senior vice president Hank Steinbrenner said. "He wanted to make sure myself and my brother knew that he was sincere and serious."

The Yankees still must draft the agreement with Rodriguez's agent, Scott Boras.

The reported agreement comes one day after Rodriguez confirmed making direct contact with the Yankees with the hope of reviving his future in New York.