It’s a done deal.

Via MLBtraderumors, the Yankees and Derek Jeter have agreed to a three-year, $51 million contract. Jeter will have an $8 million player option for a fourth year. Jeter can earn up to $9 million in incentives during the fourth year, but if he fails to do so, he’ll make an $5 million on top of the original $8 million. The incentives entail Jeter’s personal finishes in MVP, Silver Slugger, and Gold Glove voting. (We all know that a 40-year-old Jeter has a slim chance at achieving any of these awards outright).

In addition, Jeter has agreed to accept deferred money, which will help the Yankees in 2011.

Time to start courting Mr. Lee.