Yankees have made a record-setting offer to Gerrit Cole, per reports

The Yankees are opening up the checkbook for Gerrit Cole.

According to the New York Times’ Bob Klapisch, the Yankees’ initial offer to Gerrit Cole is a record-setting one: seven years, $245 million has been offered to the free-agent righty.

The deal, which would sit at $35 million per year, would be the highest average annual value for a pitcher in baseball history.

On Friday, ESPN’s Jeff Passan reported that Cole, 29, wanted initial offers on the table, and that the last three teams involved were the Yankees, the Los Angeles Angels and the Los Angeles Dodgers.

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