MONDAY: The Yankees have officially announced the signing in a press release and say they will use Lowe out of the bullpen. Their 40-man roster is now full.

SATURDAY: The Yankees have agreed to sign Derek Lowe, reports Marc Carig of The Star-Ledger (on Twitter). New York placed CC Sabathia on the DL with elbow stiffness today, so the move figures to replenish some pitching depth. Joel Sherman of The New York Post says (on Twitter) that the veteran right-hander has agreed to pitch out of the bullpen.

Lowe, 39, was released by the Indians earlier this week. He pitched to a 5.52 ERA in 21 starts for Cleveland this season, including an 8.80 ERA in his last dozen starts. He walked (45) more batters than he struck out (41) in 119 innings, though he was still generating plenty of ground balls (60.0%) with that sinker.

The Indians acquired Lowe from the Braves this past offseason and only had to pay $5MM of his $15MM salary. They're still on the hook for that money less the pro-rated portion of the league minimum, which the Yankees will pay.