New York Yankees fans, rejoice! Ace left-handed starter CC Sabathia will remain in New York until at least 2016 after he announced Monday he had signed a contract extension in a video posted to Zoodig.com.

The extension is being reported by ESPN's Buster Olney as being for $25 million in one year, 2016, on top of the final four years of his current contract. The new deal also includes a $25 million vesting option in 2017 and a $5 million buyout for that season. In total, the deal he will be paid $122 million guaranteed over the next five years, with the possibility of that number stretching to $147 million over six. 

Sabathia, 31, had the option to opt out of the final four years of his original deal, which was to pay him $161 million over seven years. He was expected by many to exercise this option, but at about 7:24 p.m. ET, he announced on Twitter that "Yankee fans, I'll be here fighting for number 28 next year!" and Tweeted a link to his video announcement.

In three seasons with the Yankees, Sabthia went 59-23 in 101 starts and posted a 3.18 ERA. He was the American League Cy Young Award winner with the Cleveland Indians in 2007 and helped the Yankees capture the World Series in 2009.

-- For complete Yankees coverage and reactions to the new deal, be sure to head over to Pinstripe Alley.