SUNDAY: The 2015 option is a team option, tweets Chris Cotillo of MLBDailyDish.com.

SATURDAY, 11:18pm: Bailey will earn a prorated base salary of $1.975MM if he works his way up to the Major League club, Olney reports. All told, the Major League side of the deal is valued at $2.5MM, and includes a 2015 option and buyout.

8:57pm: The Yankees have agreed to an incentive-laden minor league deal with Andrew Bailey, ESPN's Buster Olney reports. MLBTR's Tim Dierkes was the first to report that the sides were close to a deal (via Twitter).

Bailey, 29, had surgery to repair a torn labrum in his shoulder in July, and was not tendered a contract by the Red Sox this offseason. Nevertheless, more than 15 teams had called to check in with the reliever by early December, according to an MLBTR report. If the timetable we reported at that time holds, Bailey will be ready to suit up in pinstripes by mid-May.

A former All-Star closer with the Athletics, Bailey has struggled with injuries since his rookie season, and managed just 44 innings for Boston after he was acquired in a winter 2011 trade. However, he could provide a midseason boost to the Yankees, as his career 2.64 ERA attests to. The club's bullpen is in a state of flux following the retirement of Mariano Rivera, and appears to have few certain options behind closer David Robertson. January's sigining of lefty Matt Thornton is the team's lone major bullpen acquisition in an offseason in which Boone Logan and Joba Chamberlain have been lost to free agency.