JUST IN: Newly acquired Yankees outfielder Juan Soto is expected to…….

The Yankees would want to have  sign a record contract as soon as possible since they are interested in having him for longer than just one season.

The Yankees are unlikely to sign their new star outfielder to a multi-year contract, but they most likely will extend a historic one-year offer by Thursday at 1 p.m. EST.

Before numbers are exchanged, that is the cutoff day for signing players eligible for arbitration.

MLB Trade Rumors projects that Soto, who is a year away from free agency, will receive a raise in pay from $23 million in 2023 to $33 million this year.

For a player subject to salary arbitration, Shohei Ohtani set a record with his $30 million pay last year.

On December 6, the Padres traded Soto, outfielder Trent Grisham, and four pitchers (Michael King, Randy Vasquez, Jhony Brito, and Drew Thorpe) to the Yankees in exchange for catcher Kyle Higashioka.

The two teams have until 8 p.m. to register numbers if Soto and the Yankees are unable to reach an agreement before the deadline. If it goes to arbitration, Soto and the Yankees will either reach an agreement or have a third-party adjudicator select one of the two figures for a 2024 salary during spring training or the early part of the season.

Unless the Yankees make an offer that far exceeds the $360 million over ten years they made Aaron Judge this winter when he tested the free agent market, it is quite improbable that they will be able to convince Soto to commit for more than one season at any point.

Two summers ago, Soto rejected a $440 million offer from the Nationals. A source with NJ Advance Media claims that Soto is looking for $500 million in his next contract.

Could the Yankees reach such heights?

If all nine of the Yankees’ arbitration-eligible players agree to terms, the 25-year-old, three-time All-Star’s 2024 salary could increase by around $80 million if he settles for a single year before Thursday’s deadline.

The Yankees signed nine of the ten players who were eligible for arbitration last year before trading figures. After second baseman Gleyber Torres signed for $9.95 million fifteen days after filing for $10.2 million and the Yankees countered with $9.7 million, they were 10 for 10 and avoided a hearing.

According to MLB Trade Rumors, Torres, who is about to enter his walk year of free agency, may receive a raise of up to $15.3 million this year.

The Yankees’ other arbitration-eligible players are starting pitchers Nestor Cortes and Clarke Schmidt, closer Clay Holmes, reliever Jonathan Loaisiga, outfielders Alex Verdugo and Grisham, and catcher Jose Trevino.

The eight individuals who qualify for arbitration are expected to earn a total of $80.1 million this year, compared to $54.3 million in 2023.

Since reliever Dellin Betances was defeated in a 2017 arbitration hearing, no Yankees player has brought the team to a hearing.

As of Thursday, the Yankees’ 40-man roster consisted of just eight players, including pitcher Cody Poteet, a free agent signed last week for a single season at $174.33 million, Judge, and seven other players on multi-year contracts.

The Yankees had seventeen players eligible for arbitration going into the offseason. Since then, they have acquired three in deals that are anticipated to bring in $52.1 million this year, while dropping 13 who were predicted to make $22.5 million in 2024.

The Yankees traded Higashioka, King, and outfielder/first baseman Jake Bauers as part of the departures. Seven others left the club via outright waivers — pitchers Matt Bowman, Jimmy Cordero, Domingo German and Ryan Weber, and outfielders Franchy Cordero and Billy McKinney — while pitchers Albert Abreu, Anthony Misiewicz and Lou Trivino were non-tendered.

According to Fangraphs, the Yankees’ 2024 salary will be $279 million if they don’t make any additions. However, if they bring in a senior starter via a trade or free agency, that number may rise significantly. They had $273.5 million last year, second only to the $346 million of the Mets.