Derek Jeter, Yanks Reportedly Make 'Significant Progress' on New Contract

New York Yankees fans who feared their hearts would be broken if favorite Derek Jeter and the club failed to come to agreement on a new contract have good reason to be much more optimistic as of Friday night.

Multiple media reports indicate that Jeter and the team have made "substantial or significant progress" on a new contract, a person familiar with the negotiations told The Associated Press under the promise of anonymity.

Meanwhile, the New York Daily News reported on its website Friday night that "the sides could agree to terms on a new contract as early as Friday night or Saturday," also citing "someone familiar with the talks."

"We certainly hope to get something done," Yankees GM Brian Cashman told the Daily News on Friday morning. "Both sides are working hard to try to find common ground. You have to go through the process."

While some critics initially believed the Yankees were willing to let Jeter become a free agent, that appears very unlikely given the turn and tone the ongoing negotiations have taken.

Jeter just completed a 10-year, $189 million contract. Reports have the new deal that the Yankees have tendered as being a three-year, $45 million pact, although Jeter reportedly initially wanted a multi-year deal of five or six years at between $23 and $24 million per season.

Sources have said that the current negotiation stage could eventually see Jeter come down and the Yankees come up to compromise upon a multi-year deal worth about $19 million per year.

In other news, reports also indicate that the team and closer Mariano Rivera (right) are close to agreeing on a two-year contract worth $30 million -- if they haven't already -- and that a finalized deal is likely only days away from being completed.

Also, with the Major League Baseball Winter Meetings set to begin Monday in Lake Buena Vista, Fla., the Yanks are also reportedly in negotiations with free agents Cliff Lee and Carl Crawford, according to the Daily News.

Information from The Associated Press and New York Daily News was used in this article.