Yankees decline options on Giambi, Pavano

Nov 4, 2008 - 11:03 PM BRONX, New York (Ticker) -- The New York Yankees have elected to let Jason Giambi test free agency.

The Yankees have declined their $22 million team option on Giambi's contract for 2009, allowing the slugger to officially become a free agent Tuesday.

New York also declined its $13 million option on injury-prone pitcher Carl Pavano, who spent the vast majority of the past four season on the disabled list.

Signed to a seven-year, $125 million deal prior to the 2002 season, Giambi belted 209 homers with the Yankees, the 10th-highest mark on the franchise's all-time list.

But Giambi, 37, became a defensive liability at first base in recent seasons. The former American League MVP also struggled with injuries since 2003.

Giambi batted .247 with 32 homers and 96 RBI this past season. The five-time All-Star has 396 career homers in a 14-year career with the Yankees and the Oakland Athletics.

Pavano, 32, has pitched in just 26 games since signing a four-year, $39.5 million deal with New York prior to the 2005 season. The righthander spent the entire 2006 season on the DL and appeared in a total of nine games over the past two years.

Both of Tuesday's moves were expected, as New York will attempt to make over its roster after missing the playoffs for the first time since 1993.

The Yankees now have freed up $35 million to pursue potential free agents.

They could be in the market for a first baseman and an outfielder as right fielder Bobby Abreu, acquired from the Philadelphia Phillies in 2006, recently opted for free agency.

First baseman Mark Teixeira of the Los Angeles Angels of Anaheim might be on the Yankees' radar as Giambi's replacement.

Another player the Yankees could pursue is lefthander CC Sabathia, who helped lead the Milwaukee Brewers to their first playoff berth in 26 years.