Yankees cut Giambi and Pavano loose

DANA POINT, Calif. -- The New York Yankees declined their 2009 options on first baseman Jason Giambi and pitcher Carl Pavano, making the pair eligible for free agency.

"Given the circumstances and the money involved, I don't think they were surprises to anybody," general manager Brian Cashman said Tuesday.

Also on Tuesday, Yankees pitcher Andy Pettitte was quoted as saying he would like to return to New York next season. Pettitte had said late in the season that likely would be his decision.

"That's what I would like to do, obviously," Pettitte told Houston television station KRIV. "Hopefully, we can see if something happens."

Giambi will receive a $5 million buyout rather than a $22 million salary next season, completing his $120 million, seven-year contract. Pavano gets a $1.95 million buyout instead of a $13 million salary, finishing his $39.95 million deal.

The 2000 AL MVP with Oakland, Giambi hit 209 homers during his time with the Yankees.