Report: Snell willing to sign short-term deal with opt-outs

Blake Snell is trying a different approach in free agency to land a new contract.

The reigning NL Cy Young winner is willing to do a short-term deal with opt-out clauses similar to the three-year, $80-million pact Cody Bellinger signed with the Chicago Cubs last weekend, according to Jon Heyman of MLB Network.

Bellinger's contract includes opt-outs after each of the first two seasons. The 28-year-old will make $30 million in 2024 and the same amount in 2025 if he doesn't hit the open market again after his first year. He'll earn another $20 million in 2026 if he stays for the entire duration of the deal.

The New York Yankees are believed to have an offer on the table for Snell. However, it's not known if it's the same six-year, $150-million contract the club reportedly offered before inking Marcus Stroman in mid-January.

A short-term deal with a high average annual value isn't ideal for New York. The club's payroll is already above MLB's highest tax tier of $297 million, which means the team would incur a 110% penalty on every dollar spent above the limit.

The San Francisco Giants are reportedly still in contention to sign the 31-year-old Snell. The Los Angeles Angels have also been connected to the star left-hander throughout the offseason.