Yankees Rumors: Hughes, Jeter, Cano, Sabathia

There was talk earlier this year of the Yankees giving Phil Hughes a qualifying offer at the end of the season in order to either retain him or secure a draft pick in the event that he signed elsewhere.  However, that ship has pretty much sailed at this point.  "They may make a qualifying offer. And I may run for president," a rival GM told Jon Heyman of CBSSports.com last week.  Here's more out of the Bronx..

• Many in baseball speculated that Derek Jeter would decline his $9.5MM option for 2014 and force the Yankees to give him a new deal, but a friend of the shortstop told Mark Feinsand of the New York Daily News that he thinks he'll exercise the option and return with a sense of purpose. Feinsand notes that Jeter probably wouldn't have the public on his side as he did three years ago and, more importantly, no one is clamoring to give a 39-year-old shortstop more than $9.5MM.
• The Yankees want Robinson Cano back in pinstripes next season, but team president Randy Levine made it clear there's a limit as to how far they'll go.  “[Cano] is a great player,” Levine told Bloomberg Television, according to Feinsand. “We will sit down and talk to him. Hopefully he’s a Yankee. Nobody is a re-sign at all costs, but we want him back and we feel good about negotiating something with him. But nobody is a re-sign at any cost.”
• Joel Sherman of the New York Post writes that the Yankees can ill-afford to see CC Sabathia's regression to No. 4 starter come when he has at least three years and $76MM on his contract. The Yankees anticipated such an occurence might happen toward the end of his New York tenure but thought they'd have capable replacements in Michael Pineda, Dellin Betances and Manny Banuelos, but none have panned out. Their dearth of pitching talent clouds their goal of staying under the $189MM luxury tax threshhold, Sherman adds.

Steve Adams contributed to this post.