TORONTO -- The New York Yankees are in the process of finalizing a deal to acquire Derek Lowe to serve as a stopgap for their pitching staff while CC Sabathia is on the disabled list with left elbow inflammation.

The deal was confirmed via text message by Scott Boras, Lowe's agent.

The 39-year-old righthander was designated for assignment by the Cleveland Indians on Saturday. His deal with the Yankees will not be finished until Monday, and he is expected to pitch out of the bullpen while Sabathia, who will be out of action at least until Aug. 24, is recovering.

Lowe, a member of the 2004 Boston Red Sox world championship team, is in the final year of a four-year, $60 million contract signed with the Atlanta Braves before the 2009 season. In 16 major league seasons, Lowe's record is 174-156 with a 4.01 ERA. This season, he made 21 starts for the Indians, compiling an 8-10 record and 5.52 ERA.