Insider Provides Grim Update on Yankees' Superstar's Contract Situation

It appears that this Yankee is bound to hit free agency after the season.

Jul 16, 2024; Arlington, Texas, USA; American League right fielder Juan Soto of the New York Yankees (22) hits a two RBI double in the third inning against the National League during the 2024 MLB All-Star game at Globe Life Field. Mandatory Credit: Kevin Jairaj-USA TODAY Sports / Kevin Jairaj-USA TODAY Sports

The New York Yankees have two main priorities for the 2024 season.

One of them is, of course, to win a World Series for the first time since 2009. The other is to retain superstar outfielder Juan Soto, who came over to the Bronx in a blockbuster trade during the offseason and will be a free agent at the end of the year.

With Soto making an immediate impact on the Bronx Bombers, team owner Hal Steinbrenner has been keen on starting negotiations of an in-season contract extension. Unfortunately, this already unlikely scenario has been reinforced and seems like a pipe dream at this point.

ESPN's Buster Olney stated that there had been no recent conversations about a new contract between the Yankees and Soto, and "no momentum" toward a deal before he reaches free agency.

"Hal Steinbrenner's comments earlier this season about being open to signing Juan Soto during the regular season completely perplexed executives who have negotiated with Soto's agent, Scott Boras.," Olney wrote. "'I am not sure why he would say that,' one said. 'Boras is not going to get a superstar this close to free agency' -- to open bidding between rival teams -- 'and then limit himself to negotiating with one team. All it does is raise expectations of fans.'"

A prominent #MLB insider has delivered a new but nonetheless disappointing update on the Yankees inking Juan Soto to a new contract this season. #yankees #yankeesbaseball #JuanSotohttps://t.co/o6xDjWG3bp

— Sportsnaut (@Sportsnaut) July 19, 2024

Boras is well known for allowing his clients to explore the free agent market and get the best contract possible; at the same time, his clients rarely sign contracts in the middle of the season. With Soto squarely in the prime of his career and expected to command a record-setting deal, his situation appears to be no different.

What makes Olney's update concerning is that the Yankees may not be the highest bidder for the 25-year-old phenom. Although Soto is enjoying his time in the Bronx, he could always turn down the Yankees in favor of the Los Angeles Dodgers or the New York Mets, both of whom have shown a willingness to spend lavishly; the Dodgers notably signed Shohei Ohtani to a 10-year, $700 million contract last offseason (a professional sports record), while the Mets have the wealthiest owner in the league and have offered deals with record-setting average annual values.

However, the Yankees made an MLB-best $679 million in revenue last season, so they are more than capable of giving Soto exactly what he wants. New York also has another key advantage in getting their star acclimated to the Bronx; Soto has established himself as a clubhouse leader, quickly bonded with team captain Aaron Judge, and embraced the Yankees' fanbase. He's clearly having fun as a Bronx Bomber, and that could be the difference if the Yankees are willing to match any offer from opposing teams.

Olney's report may rule out an in-season contract extension, but the Yankees are still the favorite to keep Soto around long-term once the season concludes. With contract negotiations set for another time, New York's current priority is to claim their 28th World Series championship and their first in 15 years.