Pittsburgh will pay $13 million of the $33 million salary due the much-maligned starter for 2012 and 2013, a person familiar with the negotiations said Friday, speaking on condition of anonymity because no announcement has been made.
New York will receive 25-year-old right-hander Diego Moreno and 20-year-old outfielder Exicardo Cayones, both low-level prospects.
The agreement is subject to Burnett passing a physical, which is likely to take place Sunday. Commissioner Bud Selig also must approve it because of the money involved.
“I think he’s looking forward to the opportunity to re-establish himself and mentor some of the young pitchers,” said Burnett’s agent, Darek Braunecker.
Braunecker said Burnett planned to be at the Pirates’ spring training complex in Bradenton, Fla., on Sunday.
New York intends to use the money saved to sign a designated hitter. The Yankees already have been negotiating a major league contract with Ibanez, who spent the past three seasons with Philadelphia.
He has been waiting for New York to agree to the deal, a person familiar with those negotiations said, also on condition of anonymity. The contract for the 39-year-old outfielder would have a base salary of about $1 million.
New York also hopes to re-sign backup infielder Eric Chavez.
A 35-year-old right-hander, Burnett has gone 34-35 with a 4.79 ERA during three seasons with New York, including 11-11 with a 5.15 ERA last year. His average of 3.98 walks per nine innings was second in the AL and fifth in the majors during that span among pitchers with 400 or more innings, according to STATS LLC.
Burnett became superfluous when the Yankees acquired Michael Pineda from Seattle via trade and agreed to a one-year deal with free agent Hiroki Kuroda. They joined holdovers CC Sabathia, Ivan Nova, Phil Hughes and Freddy Garcia.