3:50pm: Thornton will earn $3.5MM in each year of the deal, and his contract does not contain any bonuses, according to Joel Sherman of the New York Post (on Twitter).

3:15pm: More than three weeks after the initial agreement was reached, the Yankees have officially announced their two-year deal with left-hander Matt Thornton. The longtime White Sox hurler will reportedly receive a $7MM guarantee. Thornton is represented by Diamond Sports Management.

Thornton, 37, pitched to a 3.74 ERA with 6.2 K/9, 3.1 BB/9 and a 50.2 percent ground-ball rate in 43 1/3 innings for the White Sox and Red Sox in 2013. Opposing left-handers hit .235/.267/.370 in 89 plate appearances against Thornton last season. Though Thornton's once-blazing fastball has been in a steady decline since 2010, he still averaged a healthy 94.2 mph on his heater in 2013.

The Yankees were in need of a lefty reliever after losing Boone Logan to free agency. Logan inked a three-year, $16.5MM contract with the Rockies, meaning the Yankees were able to secure his presumable replacement for less than half the price. The Yankees' bullpen will have a new look to it in 2014, with David Robertson currently in line to take the ninth-inning reins from Mariano Rivera and the departures of Logan and Joba Chamberlain.

Yankees general manager Brian Cashman has been heavily active on the free agent market, signing Jacoby Ellsbury and Brian McCann to mammoth contracts, re-signing Hiroki Kuroda and also adding veterans like Thornton, Kelly Johnson, Brian Roberts and Brendan Ryan to low-cost contracts.

Jack Curry of the YES Network first reported the contract and the terms (on Twitter).

Photo courtesy of USA Today Sports Images.