Cliff Lee, the biggest name on the free-agent market this off-season, agreed on Monday night to return to the Philadelphia Phillies, spurning more money and contract years from the Yankees, according to a person in baseball with knowledge of the negotiations.

Lee, who pitched the Phillies into the 2009 World Series, agreed to a five-year deal worth $100 million, according to the person in baseball. The Yankees had offered seven years and about $150 million.

Both the Yankees and the Texas Rangers, who rode Lee’s left arm into this year’s World Series, were informed Monday night that Lee was returning to Philadelphia, where he will form an intimidating starting rotation with Roy Halladay, this year’s Cy Young Award winner; Roy Oswalt; and Cole Hamels.