"Highly, highly unlikely," is how a baseball official with knowledge of the situation termed the chances of the Yankees tearing up Cano's contract -- which calls for team options at $15 million for 2012 and $14 million for 2013 -- and negotiating a new long-term deal.
Cano's agent, Scott Boras, has been peddling his sales pitch through the media recently, cautioning the Yankees that allowing Cano to become a free agent after the 2013 season would be extremely risky, not to mention expensive, the implication being that he would take Cano out onto the open market, where he would no doubt draw a lot of interest.
Cano, who just turned 29, led the Yankees in batting this year, hitting .302. He also slugged 28 home runs and had a career-high 118 RBIs. He is ranked among baseball's best all-around players and considered by his manager, Joe Girardi, to be the best hitter in the Yankees lineup, in which he is expected to bat third next season.
Cano will be paid $29 million for the next two years -- the same amount Alex Rodriguez will be paid for 2012 alone.
The Yankees, already shackled by the long-term deals with A-Rod, Mark Teixeira and A.J. Burnett, along with an upcoming renegotiation with CC Sabathia -- have no reason to extend Cano's contract when they retain control over him for two more seasons.
Said the baseball official, "It's understandable what the player wants, but in reality, it's not going to happen."
Wallace Matthews covers the Yankees for ESPNNewYork.com.