MLB Rumors: Yankees' chances of signing Gleyber Torres to extension don't seem high

New York Yankees second baseman Gleyber Torres is entering what could be his final season in pinstripes.

Torres will earn $14.2 million in his last year under team control. His name has popped up in trade talks a lot in the past several years, but the Yankees have been unwilling to part with him. Torres is eligible for free agency following the 2024 season.

Earlier this week, 27-year-old Torres revealed he wants to be a Yankee for life. The Yankees have yet to initiate discussions with him about a long-term deal. With an uncertain future, Torres aims to have a big season and show the Yankees why he should stick around for the long haul.

Despite a strong 2023, an extension is unlikely for Gleyber Torres

Torres was a bright spot in a disappointing 2023 for the Yankees, slashing .273/.347/.453 with 25 home runs. However, there’s a snag in the possibility of a contract extension. Jon Heyman reported that the Yankees’ luxury tax situation lessens the chance of Torres being extended. 

The Yankees are above the highest luxury tax threshold. The organization has a similar problem as the high-spending New York Mets, who are looking to extend Francisco Alvarez. Being over the highest luxury tax threshold makes it difficult to strike an early long-term deal.

Torres doesn’t want to negotiate during the regular season, so unless a deal gets done during spring training, he’ll most likely hit free agency next winter. The Yankees haven’t approached him yet, and they probably won’t until after the season. They’re being cautious after some tough outcomes with extensions in the past few years. Luis Severino and Aaron Hicks didn’t exactly work out. Torres is hoping to work out a deal with the Yankees in the offseason as a free agent.

Considering how many free agents-to-be the Yankees have, Torres may have to wait in line next winter. Alex Verdugo, Juan Soto, Clay Holmes, and Jonathan Loaisiga are all set to become free agents after 2024. Keeping any number of these players around for 2025 and beyond would be extremely costly. Streinbrenner is willing to spend to construct the best team possible even if that means higher luxury tax payments, but how much money is there to go around?

His looming free agency is sure to motivate Torres in 2024. The season he puts together will largely dictate his market. For now, Torres' focus is on the 2024 season. The Yankees aim to return to being a championship-caliber team after missing the playoffs in 2023.