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Source: Yankees, Anthony Rizzo agree to multiyear deal worth up to $51M

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Why Rizzo returning to the Yankees makes sense (0:47)

Jesse Rogers explains why Anthony Rizzo returning to the Yankees is a win for both parties. (0:47)

Anthony Rizzo is re-signing with the New York Yankees on a two-year deal with a club option in the third year, the team announced Tuesday.

Rizzo will make $34 million over the next two seasons plus a club option for 2025 that includes a $6 million buyout, a source told ESPN's Jeff Passan, bringing the total to $40 million guaranteed. His 2025 option is for $17 million, meaning he could make up to $51 million.

Acquired from the Chicago Cubs at the 2021 trade deadline, Rizzo returned to New York for the 2022 season on a two-year, $32 million deal which included an opt out after the first year. He became a free agent after opting out of the second year.

Rizzo hit 32 home runs for the fourth time in his career -- he has never hit more -- and had 75 RBIs in 130 games despite a .224 batting average. The 33-year-old was sidelined between Aug. 31 and Sept. 18 by back pain and headaches from an epidural injection to treat his back.

Rizzo quickly became a favored teammate for many current Yankees, including Aaron Judge who is also a free agent. At the recently completed GM meetings, Yankees general manager Brian Cashman indicated keeping Rizzo was a priority -- in addition to re-signing Judge.

Rizzo's home runs were 40% of the Yankees' 77 by left-handed batters, and his RBIs were 37% of the 202 by New York's lefties.

The Associated Press contributed to this story.