Via George A. King of the New York Post, the Yankees and Derek Jeter have agreed a three-year contract worth $15-$17 million per season. The Yankees reportedly upped their contract offer on Thursday night and the Jeter camp responded. The deal has not been finalized, but it contains a very tricky fourth year option. It is neither a club option nor vesting option, so we’ll have to see what it entails over the next few days. Expect an official announcement in the next two days.

Other Note: In case you missed it, the Yankees and Mariano Rivera agreed to a two-year, $30 million contract during the week. The Red Sox apparently matched the Yankee offer and were willing to release incumbent closer, Jonathan Papelbon.