Source: Pettitte, Yankees close on deal

NEW YORK -- Andy Pettitte and the Yankees are closing in on a one-year contract that would bring the left-hander back to New York.

A person familiar with the negotiations said the agreement could be reached later Monday. The person spoke on condition of anonymity to The Associated Press because talks are not yet final.

Pettitte wanted to return and the Yankees preferred to have him come back. The sides have been apart for months on how big a pay cut the 36-year-old pitcher would take from the $16 million he earned last year.

The person familiar with the talks said Pettitte's deal would guarantee him slightly less than $6 million and that Pettitte would be able to earn performance bonuses that would increase his income to about $12 million. Late last year, New York had offered a deal that would have guaranteed Pettitte approximately $10.5 million.

He would join a projected starting rotation featuring CC Sabathia, A.J. Burnett, Chien-Ming Wang and Joba Chamberlain.

Pettitte pitched for the Yankees from 1995-2003, helping them win four World Series titles, then spent three seasons with his hometown Houston Astros. He returned to the Yankees in 2007 and was 14-14 with a 4.54 ERA last season, his highest ERA since 1999.

Pitching with a sore shoulder, he was 2-7 with a 6.23 ERA in his final 11 starts and missed his last turn of the season.