The next step in the New York Yankees' offseason plan seems like it might be about to fall into place. Andy Pettitte is "close to formally announcing he's coming back, and he's close to finishing a new deal with the Yankees," according to Buster Olney of ESPN.

The Yankees recently re-signed to a one-year contract. Getting the 40-year-old Pettitte to also return on a similar one-year deal solidifies the Yankees' rotation for 2013 and gives the Yankees payroll flexibility as they try to get under the $189 million luxury tax threshold for the 2014 season.

[Report: Ichiro returning to Yankees]

Pettitte went 5-4 with a 2.87 ERA in 12 starts last season, missing a significant portion of the season with a fractured fibular after being struck by a line drive. Pettitte did not pitch at all in 2010.

The next important piece of business for the Yankees should be getting closer Mariano Rivera to sign a new contract. The Yankees also need to make decision at catcher and right field.