The Yankees would want to have Juan Soto sign a record contract as soon as possible since they are interested in having him for longer than just one season
The Yankees are unlikely to sign their new star outfielder to a multi-year contract, but they are expected to extend a historic one-year offer by Thursday at 1 p.m. EST.
Before numbers are exchanged, that is the cutoff day for signing players eligible for arbitration.
A year away from free agency, Soto is projected by MLB Trade Rumors to get a salary bump from $23 million in 2023 to $33 million this year.
Shohei Ohtani’s $30-million salary last year is the record for a salary-arbitration player.
On December 6, the Padres traded Soto, outfielder Trent Grisham, and four pitchers (Michael King, Randy Vasquez, Jhony Brito, and Drew Thorpe) to the Yankees in exchange for catcher Kyle Higashioka.
The two teams have until 8 p.m. to register numbers if Soto and the Yankees are unable to reach an agreement before the deadline. If it goes to arbitration, Soto and the Yankees will either reach an agreement or have a third-party adjudicator select one of the two figures for a 2024 salary during spring training or the early part of the season.
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