5:13pm: Anthony McCarron of the New York Daily News says the offer is for six years and $140MM.
4:37pm: Ed Price of the Newark Star-Ledger says the Yankees made their initial offer to Sabathia, but they expect his agents to look around a bit.
1:14pm: SI.com’s Jon Heyman says the Yankees will also make offers to A.J. Burnett and Derek Lowe within the next day or two.
THURSDAY: According to Joel Sherman of the New York Post, the Yankees will "aggressively extend a proposal" to C.C. Sabathia tomorrow. He believes the Yankees will go to "a financial region that no other franchise would even consider" to lure the ace. Sherman’s guess is an initial bid in the six-year, $150MM range (and that may not be the final offer).
If the Yankees are successful in signing Sabathia, they hope to add A.J. Burnett or Derek Lowe next.