The Yankees announced that they have signed Andy Pettitte to a one-year, Major League contract. Ken Davidoff of the New York Post, who first reported the deal, adds that it's worth $12MM (on Twitter). The contract also includes $2.5MM in awards bonuses according to Mark Feinsand of The New York Daily News (on Twitter). Excel Sports Management now represents the 40-year-old left-hander.

Pettitte pitched well in 12 regular season starts this past season before making two quality starts in the postseason. He posted a 2.87 ERA with 8.2 K/9, 2.5 BB/9 and a 56.3% ground ball rate in 75 1/3 regular season innings in 2012, while earning $2.5MM.

The Yankees' rotation now looks considerably stronger than it did earlier in the month. They recently signed Hiroki Kuroda, who joins C.C. Sabathia, Phil Hughes and Ivan Nova in the team's rotation. David Phelps and even Michael Pineda could also contribute as starters.

ESPN.com's Buster Olney first reported the sides were nearing a deal. Mike Axisa contributed to this post. Photo courtesy of US Presswire.