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.