Source: Yanks give offer to CC Sabathia

The terms of a renegotiated deal for New York Yankees left-hander CC Sabathia were transmitted to his representatives over the weekend, but the team has yet to receive a response, according to a team executive.

"We believe it is a very fair offer,'' the executive said. "But we haven't heard anything back yet.''

Sabathia has a clause in his contract that allowed him to opt out of the remaining four years of his seven-year, $161 million deal after the conclusion of the World Series, which ended Friday.

Sabathia has yet to file for free agency, but Yankee insiders expect that despite the new offer, he will opt out to test the free agent market. That would not preclude him from re-signing with the Yankees, for whom he has won 59 games over the past three seasons.

Calls to Sabathia's agent, Brian Peters, were not immediately returned.

Meanwhile, Yankees general manager Brian Cashman has his new contract, but hasn't signed it yet, according to a baseball source with knowledge of the situation.

Cashman, whose three-year, $6 million contract expires on Monday, has been incommunicado all weekend.

But the baseball source, who was involved in the negotiations for Cashman's new deal, told ESPNNewYork.com that a final version of the contract approved by the Yankees has been in Cashman's possession since Saturday.

"All the terms and conditions are done," said the source, who declined to provide details of the contract. "My understanding is (Cashman) was going over it with his lawyer (Saturday night)."

Wallace Matthews covers the Yankees for ESPNNewYork.com.