3:27pm: Ryan will receive $2MM in 2014 and 2015, tweets Joel Sherman of the New York Post. The Yankees hold a $2MM club option for 2016 that becomes a $1MM player option if it is declined, he adds.

DEC. 2. 1:24pm: The Yankees have announced Ryan's deal, noting that the option for 2016 is a mutual option.

NOV. 27, 5:22pm: Ryan's deal is now official, according to Ken Rosenthal of FOX Sports (on Twitter). Ryan gets a two-year, $5MM deal with a player option for 2016 that, along with incentives, can boost the total value to $10MM over three seasons.

NOV. 18, 3:50pm: ESPN's Buster Olney tweets that Ryan's deal is worth something in the range of $2MM.

8:30am: The Yankees have agreed to terms with Brendan Ryan on a new contract for the 2014 season, reports Jon Heyman of CBS Sports.

Ryan, who is represented by the Wasserman Media Group, batted .197/.255/.273 between the Mariners and Yankees last season but is widely considered to be one of the best defensive shortstops in the game. The Fielding Bible's Defensive Runs Saved pegged him at six runs above average, while UZR/150 liked him for +3.2 runs. While both numbers are strong, they're the two lowest marks he's posted in a full season of shortstop work, so there's reason to expect improvement in 2014.

In parts of seven big league seasons between the Cardinals, Mariners and Yankees, Ryan is a .237/.299/.320 hitter. He will turn 32 during Spring Training next season and, as Heyman notes, serve as an insurance policy for the Yankees in the event that Derek Jeter falls victim to injuries once again in 2014.

Joel Sherman of the New York Post first reported that the Yankees were "close" to a deal with Ryan last week, and Peter Gammons of the MLB Network reported that the two sides were merely waiting for Ryan to pass a physical following minor surgery.