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Rafael Soriano opts out of Yankees' contract

Rafael Soriano has opted out of the final year of his contract.

Jim McIsaac

New York Yankees reliever Rafael Soriano opted out of the final year of his contract on Wednesday afternoon, according to an announcement made by the team. Soriano was supposed to earn $14 million in 2013 as part of the three-year, $35 million contract he originally signed with the Yankees.

Now that he has opted out of the deal, Soriano will receive $1.5 million due to a clause in his contract. The Yankees have until Friday's deadline to extend him a qualifying offer of $13.3 million, which would, in essence, give him an $800,000 raise if he were to accept. However, it is believed that Soriano and his agent Scott Boras think that his 42 saves and 2-1 record with a 2.26 ERA in 2012 can be leveraged for a lucrative free-agent contract (it has been reported that he may be looking for a four-year deal.)

If the Yankees extend him a qualifying offer, Soriano will have until 5 p.m., ET on Nov. 9 to decide whether to accept the deal.