Hot- Stove

Alex Rodriguez and the New York Yankees have agreed to the outline of a record $275 million, 10-year contract, a deal that potentially would allow him to earn millions more if he sets the career home-run record. The amount of the guaranteed money was revealed by a person familiar with the negotiations who spoke Thursday on condition of anonymity because the deal hasn’t been finalized. A-Rod and his wife met Wednesday in Tampa, Fla., with brothers Hal and Hank Steinbrenner, but the parameters of the agreement were set in place last weekend.

The Yankees still must draft the agreement with Rodriguez’s agent, Scott Boras. Asked whether the only remaining details were putting the deal on paper, Steinbrenner responded: “pretty much so.” Boras wasn’t a part of the negotiations, in which Goldman Sachs managing directors John Mallory and Gerald Cardinale conducted shuttle diplomacy.

After opting out of the final three years of his contract with the Yankees, it appears Alex Rodriguez has had a change of heart. In a startling turn of events, Alex Rodriguez and his wife met with New York Yankees executives Hal and Hank Steinbrenner on Wednesday in Tampa, Fla., and the star third baseman told the team he wants to stay in pinstripes.

The two sides are currently working toward a 10-year, $275 million contract, a source with knowledge of the talks told FOXSports.com’s Ken Rosenthal. The deal also would include incentives that could push the total value higher. Rodriguez’s longtime agent, Scott Boras, is not involved in the talks.

The Yankees don’t intend to offer Alex Rodriguez a contract extension, leaving him the option of opting out of his deal after the season and becoming a free agent.

Rodriguez has four seasons left in the record $252 million, 10-year agreement he signed with Texas before the 2001 season. He is owed $27 million in each of the final three seasons – with the Yankees responsible for $50.7 million and the Rangers owing $30.7 million, including $9 million in deferred money.

Under the terms of the deal, Rodriguez can terminate it after this season. He also can stay for 2008 and have the right to opt out of the final two seasons if the Yankees don’t boost his salary to $32 million annually for the final two years.