"I think it was a good thing to stay in New York," Feliciano told ESPNNewYork.com "I mean, that's the best city in the States."
A source told The Associated Press that Felciano will receive a two-year deal for $8 million. The person spoke on condition of anonymity because the contract, which includes a $4.5 million club option for 2013, is subject to Feliciano passing a physical.
SI.com first reported the deal will be for two years with a team option for a third.
The Mets had offered arbitration to Feliciano. He declined, and his former organization did not show any inclination to offer a multiyear deal.
Feliciano fills the role as the second lefty reliever in the Yankees bullpen. General manager Brian Cashman has made it a point of emphasis this offseason to add another lefty to the bullpen to complement Boone Logan. The Yankees have Damaso Marte under contract, but he is expected to miss most, if not all, of the season after shoulder surgery.
Feliciano set Mets' franchise records by appearing in 86 games in 2008, 88 games in 2009 and 92 games in 2010.
"After I broke the record the first time, I just tried to put in my mind that I tried to break it again, and I did it," Feliciano said. "This past year I just put in my mind that if I could break it again I would do it. And I did it."
Feliciano, 34, doesn't think all the games will impact him going forward.
"Not at all," Feliciano said. "I work hard for every year. I don't let down and just do what I did last year. I want to keep proving I can do more than what I did last year."
Feliciano has been a late bloomer, which had a lot to do with ex-Mets pitching coach Rick Peterson instructing him to drop down to a low three-quarters delivery in 2004. Feliciano went to Japan in 2005 and when he returned to the Mets in 2006 he was a difference-maker against lefties.
"I had that in my mind," Feliciano said. "Before I dropped down, I was thinking, 'Next year I'm going to come a little more sidearm.' All of a sudden, they said, 'Let's drop you down.' They put in my mind that Buddy Groom and all those guys, they were average lefties, and then they dropped down and changed from average to one of the best. I started working out."
Lefties hit just .211 against him last season.
Andrew Marchand covers the Yankees for ESPNNewYork.com. Adam Rubin covers the Mets for ESPNNewYork.com. Information from The Associated Press was used in this report.