Another Jeter Update: A Deal is Close

From Bill Madden and Roger Ruben:

Day-long negotiations between the Yankees and star shortstop Derek Jeter have yielded "substantial progress," according to someone familiar with the talks. The sides could agree to terms on a new contract as early as Friday night or Saturday, the person said.

...

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

The Yankees have improved their initial offer of three years and $45 million and Jeter has come down from asking for five to six years at an average of $23-$24million per. The sides are believed to now be in the neighborhood of $19 million annually. Jeter averaged $18.9 million over the 10-year deal that expired at the end of this season.

The source said it is still unlikely that the Yankees will offer Jeter a guaranteed fourth year, but may have agreed to a vesting fourth year with reachable parameters.

I don't think the Yankees need to go that high--they really don't need to add a 4th year--but at least this soap opera appears to be coming to its end.