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Cole opted out of his contract with the Yankees on Saturday, Kiley McDaniel of ESPN.com reports.

The Yankees have the opportunity to void Cole's opt-out decision by adding an extra year and $36 million to his contract, which would result in him being owed $180 million through 2029. The 34-year-old posted a 3.41 ERA and 1.13 WHIP across 95 innings this season after missing the first couple months due to an elbow injury. There is no guarantee that New York will want to keep him around for such a hefty price.

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