BOSTON -- The Yankees are expected to announce the signing of first baseman Jason Giambi on Thursday, ESPN.com's Jayson Stark reports.

	Giambi

Free-agent outfielder Rondell White and the Yankees agreed to a two-year, $10 million deal, Stark reported, but it won't be officially announced until next week because the Yankees didn't want another announcement stealing any thunder from Giambi.

The two sides made significant headway over the weekend, a source told Stark, toward a seven-year deal for between $117 million and $120 million.

Giambi's contract moved closer to completion Tuesday when he underwent a physical exam for the team in Tampa, Fla. Giambi's trip to Florida was another step in the slow process of finalizing his deal.

At $120 million, the contract would have an average annual value of $17.14 million. That would be the fifth-highest in baseball behind Texas shortstop Alex Rodriguez ($25.2 million), Boston outfielder Manny Ramirez ($20 million), Yankees shortstop Derek Jeter ($18.9 million) and Chicago Cubs outfielder Sammy Sosa ($18 million).

The next step is finalizing the structure of the deal. The final amount of the contract will depend on whether the money is front-loaded, backloaded or contains any deferred dollars.

Dan Patrick reported on ESPN Radio on Thursday that the sides have agreed on the length of the deal -- seven years with the money figure somewhere between $119 million and $126 million. The major league official Monday said would be premature to say the sides have agreed, but he said "both sides seem to want to get it over with as soon as possible."

Giambi, the 2000 American League MVP, batted .342 with 38 home runs, 120 RBI and a league-leading 129 walks.

The Yankees, meanwhile, continue to mull other moves.

The Yankees have been the most active team this offseason. On Friday they traded outfielder David Justice to the Mets for third baseman Robin Ventura and signed right-handed reliever Steve Karsay to a four-year contract reportedly worth $23 million,with a club option for a fifth year.

Since losing the World Series in seven games to Arizona, right fielder Paul O'Neill, third baseman Scott Brosius and backup infielder Luis Sojo have retired.

Jayson Stark is a senior writer for ESPN.com. Information from The Associated Press was used in this report.