On Thursday night the Yankees and Rivera's agent, Fern Cuza, were putting the finishing touches on a contract that will be for about $30 million.
"There are a lot of steps in the process, from agreeing to something in principle to getting the physical done," Yankees general manager Brian Cashman said Friday morning when asked if the Rivera deal was done. "Until all those things are covered, I'm not in a position to say."
The contract negotiations with Rivera have gone smoothly -- especially in comparison to the ones for Derek Jeter. Unlike Jeter, Rivera had some leverage.
The rival Red Sox offered Rivera a two-year deal, $30 million deal as well, a league source told ESPNBoston.com's Gordon Edes on Friday. Cashman had no comment on Friday when asked about the Red Sox making a run at Rivera.
The New York Daily News reported that Rivera was offered a three-year deal by another unnamed team.
An official with knowledge of the talks confirmed to ESPNNewYork.com that Rivera is taking less money from the Yankees than he could have gotten from another unamed team.
Los Angeles Angels GM Tony Reagins refused to verify an SI.com report that the Angels had offered Rivera a contract.
"That's just part of the rumor mill," Reagins said. "I'm not confirming or denying it."
Regardless if there was an offer, Rivera, who just turned 41, came off an excellent season in which he saved 33 games and had a 1.80 ERA.
The Yankees wanted him back. The only question during the negotiation was whether the deal would be for one year with an option or for two years. Since Rivera had leverage, he was able to get two years guaranteed.
Last season, Rivera made $15 million per season, making him the highest-paid closer in baseball history. He will make either the same amount or slightly more when the ink is dry on the deal.
The Yankees could announce that the deal is official as soon as Friday.
Andrew Marchand covers the Yankees for ESPNNewYork.com.