New York Yankees Increase Initial Offer to Juan Soto in Free Agency

The New York Yankees have now increased their initial offer to superstar Juan Soto as they hope to retain the outfielder.

Oct 29, 2024; New York, New York, USA; New York Yankees outfielder Juan Soto (22) on third base during the first inning in game four of the 2024 MLB World Series against the Los Angeles Dodgers at Yankee Stadium. Mandatory Credit: Brad Penner-Imagn Images / Brad Penner-Imagn Images

The New York Yankees aren't messing around.

According to MLB insider Jon Heyman of The New York Post, the Yankees increased their initial offer to free agent superstar Juan Soto earlier in the week.

"The incumbent Yankees are making clear their resolve to try to retain their top target, but they also understand that the well-watched derby is only in the middle innings," Heyman wrote. "The situation remains fluid and any of four or more other interested teams still has a chance to win the prize of the winter."

On Monday, NJ Advance Media reported that the Yankees, cross-town rival New York Mets, Boston Red Sox, Toronto Blue Jays and Los Angeles Dodgers have all made offers to Soto and agent Scott Boras thus far.

Per Heyman, the Soto sweepstakes appears to now be in the second round of bidding with the previously mentioned teams and others likely still in the running.

As Heyman also reported, the Yankees had calls with some of the top starting pitchers on the market in Corbin Burnes and Max Fried, and were in on Blake Snell before he signed with the Dodgers on Tuesday, however, re-signing Soto remains as their focus.

According to Heyman, the belief is that Soto is interested in a 15-year deal that would take him into his 40's. The Yankees informed Soto that they're willing to include opt-outs in his deal, per Heyman.

The 26-year-old his coming off a career campaign in what was his first year in the Bronx after coming over from the San Diego Padres in a blockbuster trade last December. Soto is expected to receive a historic contract that exceeds $600 million and could come close to, if not surpass Shohei Ohtani's $700 million deal with the Los Angeles Dodgers.

The Yankees were one of several teams to meet with Soto and Boras in California in the past few weeks. They have now stepped up their offer as the Soto sweepstakes is beginning to heat up a bit.