3:11pm: The Yankees announced today that they signed Pettitte to a one-year deal. The AP says Pettitte is guaranteed $5.5MM and could reach $12MM with incentives. The move should allow the Yanks to move Joba Chamberlain to the fifth starter role, with various other young pitchers ready to step in as needed.
A note from the conference call: Brian Cashman says not to expect any more moves of significance.
1:30pm: John Harper of the New York Daily News says the two sides have "essentially agreed" to a deal but final details need to be worked out.
12:28pm: Rosenthal now agrees that it’ll be less than $6MM guaranteed with incentives that could push the total to $12MM. He says the two sides are "closing in" on a deal.
11:53am: According to ESPN’s Buster Olney, the Yankees are close to a deal with Pettitte that could guarantee nearly $6MM with another $6MM in incentives. The deal could be done this afternoon. Ken Rosenthal wrote earlier that the incentives could push Pettitte close to $16MM.
10:09am: According to SI.com’s Jon Heyman, Andy Pettitte and the Yankees are in serious talks and there’s a "lot of optimism" for a one-year deal. It would be for less than $10MM guaranteed.