Yankees set to offer record-setting deal to Gerrit Cole: Sources

HOUSTON, TEXAS - OCTOBER 30: Gerrit Cole #45 of the Houston Astros walks to the bullpen during the fifth inning against the Washington Nationals in Game Seven of the 2019 World Series at Minute Maid Park on October 30, 2019 in Houston, Texas. (Photo

The New York Yankees have ownership-level approval to offer Gerrit Cole a record-setting deal, sources told ESPN.

The Yankees met with 29-year-old Cole earlier this week, sources said.

New York and the Los Angeles Angels, a team that has also had their eye on Cole, are preparing for a bidding war that executives expect will reach well beyond $250 million, sources told ESPN. 

 ESPN says Cole's agent, Scott Boras, has yet to solicit offers, but the teams' "recognition of Cole's value and understanding of multiple motivated buyers could have an expeditious effect, sources said."