NEW YORK (WFAN.com) -- The Yankees have locked up ace pitcher Luis Severino on a four-year contract.
According to WFAN baseball insider Jon Heyman, the deal is worth about $40 million and includes a fifth-year team option. The agreement is pending a physical.
The Yankees and Severino were set to go to arbitration to decide his 2019 salary, but the hearing was postponed while the two sides finished the agreement.
Before the deal, Severino, who turns 25 on Wednesday, had been under team control through 2021.
According to the New York Post's Joel Sherman, the contract includes a $2 million signing bonus. Severino will be paid $4 million this season, $10 million next season, $10.25 million in 2021, $11 million in 2022. The 2023 club option is for $15 million with a $2.75 million buyout.
In his first four big-league seasons, Severino went 41-25 with a 3.51 ERA and 1.15 WHIP. The two-time All-Star went 19-8 with a 3.39 ERA last season.
Last week, Yankees managing general partner Hal Steinbrenner cited signing some of the franchise's young, homegrown players as one reason the Bronx Bombers haven't aggressively pursued top free agents Manny Machado or Bryce Harper this offseason.
“I have to look at the big picture, and it is my responsibility that my family expects, my partners expect, not just to look at the present, but to look at the future, too," Steinbrenner told reporters. "Three, four, five years from now, we’ve got a lot of homegrown kids that we love, that our fans love, that are going to be coming up for free agency. And that’s something I’ve got to keep in mind as well."