Sources: Gerrit Cole, Yankees stay together on original deal - ESPN

Right-hander Gerrit Cole decided Monday to remain with the New York Yankees on the four-year, $144 million contract he opted out of Saturday, sources told ESPN's Jeff Passan.

Discussions on a potential contract extension will continue.

Cole exercised the opt-out in his contract after five seasons Saturday. The two sides had until Monday at 5 p.m. ET to come to an agreement.

A six-time All-Star, the 34-year-old Cole fulfilled his boyhood dream of joining the Yankees before the COVID-shortened 2020 season on what was, at the time, the largest contract ever given to a pitcher: Nine years, $324 million. He became the workhouse ace New York envisioned, posting a 3.08 ERA in 108 starts over the next four seasons, and peaked in 2023 when he went 15-4 with a 2.63 ERA across 209 innings in 33 starts to win his first Cy Young Award. A repeat performance, however, was doomed from the start.

Cole was shut down in mid-March with nerve irritation and edema in his throwing elbow. He avoided surgery but began the season on the injured list. He made three rehab starts before making his season debut on June 19 against the Baltimore Orioles. Initially not built up to his usual pitch count, Cole didn't record an out in the sixth inning in his first four outings.

But the Yankees' measured plan for Cole paid dividends. The right-hander ultimately logged at least six innings in eight of his 17 starts, posting a 3.41 ERA across 95 innings. He had his occasional blow up — he surrendered 11 runs in two starts against the Boston Red Sox and 12 runs to the New York Mets in two outings — but was otherwise stingy, allowing two or fewer runs in 10 of his starts. He delivered his best performance in Oakland, holding the A's to one run over nine innings