Via MLBTR we have found out that Andy is close to signing a deal to return to the Bronx. He would presumably be the 4th starter in the rotation(ahead of Joba to keep Joba's innings down). With so many injury risks in the rotation it would be great to have a typical Pettitte season of 200+ innings. Also, with so much turnover in the rotation, having a veteran Yankee presence will most certainly be a good thing.
Here are some updates on the situation
Seems like it will end up being a 1 year $6mm deal guaranteed. And incentives could make it $6mm more. I'm glad this is finally working out. It seems that, like many other free agents, Pettitte misread the market, and now he must settle for less guaranteed money than the Yanks originally offered. When Andy signs, the Yanks' rotation will look like this
Chien Ming Wang
So basically the first 3 guys would be aces on lots of other staffs, and the #5 starter has ace potential, but is the #5 so that his innings count is limited (predictions on Joba's inning count via RotoAuthority). Then the #4 is a veteran who thrives in the playoffs and in New York. And let's not forget that Ian Kennedy, Phil Hughes, Alfredo Aceves, and Phil Coke are all still available from the farm if injuries hit. That's a solid group of starting pitchers. As big of a fan as I was of a Ben Sheets' signing, having some one who is less of an injury threat is certainly a good thing, which is why this signing makes sense. $6mm is a pretty good value for a guy like Pettitte.