Hot- Stove

Talk about a stunner. The Yankees have reached an agreement in principle with free-agent first baseman Mark Teixeira, according to major-league sources. Teixeira’s deal is for eight years and $180 million — a sum that would push the Yankees’ off-season expenditures past $400 million.

The signing of Teixeira will be a stunning blow to the Red Sox, who had identified the switch-hitting first baseman as their No. 1 target and can not effectively counter the Yankees’ move.
The agreement also raises the question of where Teixeira’s agent, Scott Boras, will place his other free-agent slugger, outfielder Manny Ramirez.

The Angels ruled out signing Ramirez on Wednesday, seemingly leaving him with only the Dodgers as an interested suitor. The addition of Teixeira almost certainly will eliminate Ramirez as a possibility for the Yankees.

The Yankees have now made three high-priced additions; Teixeira, left-hander CC Sabathia, and righty A.J. Burnett, as they prepare for their first season at the new Yankee Stadium. Sabathia and Burnett signed earlier this off-season for a combined $243.5 million.

Teixeira, a switch-hitter and Gold Glove defender, might be the most meaningful prize, simply because of the interest that he drew from the Red Sox, the Yankees’ biggest rival.

The Nationals and Orioles also bid for Teixeira, a native of Severna Park, Md., but the Red Sox were considered the favorite, considering their need for a middle-of-the-order slugger.

The Red Sox had a bitter parting with Manny Ramirez last summer and David Ortiz could be on the verge of decline. Without Teixeira, the Sox could attempt to sign another free-agent slugger or bolster their starting pitching with the addition of free-agent right-hander Derek Lowe.

Free-agent right-hander A.J. Burnett has reached a preliminary agreement with the Yankees on a five-year, $82.5 million contract, joining lefty CC Sabathia in the team’s revamped rotation.

The Braves were the other team making a strong run at Burnett. It is not known whether they increased their offer to include a guaranteed fifth year.

The best news for Yankees fans? Burnett is 5-0 with a 2.56 ERA in eight career starts against the Red Sox.

Burnett signed a five-year, $55 million free-agent contract with the Blue Jays after the 2005 season, then exercised his right to opt out of the deal and become a free agent again after three years. Between the two deals, he will end up earning $113.5 million over an eight-year span.

His contract with the Yankees, unlike Sabathia’s, will not include an opt-out clause.
At one point in his career, Burnett would have not been a good candidate to pitch in New York; he was too emotional, too mercurial.

From a physical standpoint, Burnett is also in a better place. After battling elbow and shoulder problems throughout his career, he seems to have gained a greater awareness of what he needs to do to stay healthy — and what it takes to win games.

The signing of Burnett means that the Yankees will drop their pursuit of right-hander Derek Lowe, who could end up with Boston.

Meanwhile, the Yankees have given lefty Andy Pettitte a take-it-or leave-it one-year, $10 million offer to remain with the club, according to the New York Post. If Pettitte declines, the Yankees likely will pursue a pitcher at a comparable price on the open market. They have had discussions with righty Ben Sheets