Gerrit Cole is terminating his contract with the Yankees after the 2024 season

Yankees right-hander Gerrit Cole has opted out of his contract, a source tells Mark Feinsand of MLB.com. The team has not confirmed it. The Yankees have until Monday at 5 p.m. ET to add one year and $36 million to Cole's existing contract to void the opt-out and bring him back.

Cole made just 17 starts for New York in 2024, thanks largely to a right elbow injury that delayed the start of his season until mid-June. He went 8-5 for the Yankees with a 3.41 ERA and 99 strikeouts in 95 innings. The Yankees went 10-7 in Cole's starts. He made two starts in the World Series against the Dodgers, allowing six runs (one earned) in 12 2/3 innings.

Cole signed a nine-year, $324 million contract with New York before the 2020 season, following a '19 season with the Astros in which he went 20-5 with an AL-leading 2.50 ERA.

In five seasons with the Yankees, Cole compiled a record of 59-28 with a 3.12 ERA and 915 strikeouts in 759 innings.

The move to terminate his contract comes a season after Cole won the AL Cy Young Award with a 15-4 record and an AL-leading 2.63 ERA and an MLB-leading two shutouts.