If neither signs a long-term deal with the team, they will be eligible for free agency after next season. In 2014, both Cano and Granderson will be paid $15 million each.
The Yankees have contemplated going against the club's usual policy by trying to forge a long-term contract before Cano hits the open market after next season. The club would want to structure a deal so it would work into the team's plan to be under $189 million in total payroll for 2014. Owner Hal Steinbrenner has mandated a 10 percent reduction in salaries to take advantage of the new collective bargaining agreement and luxury tax savings.
Cano and his agent, Scott Boras, are not expected to give the Yankees any pinstripe discounts, so it would appear unlikely a deal would be struck. Cano, 30, finished the season hitting .313 with a career-high 33 homers and 94 RBIs. He struggled in the postseason, including setting a major league playoff record with an 0-for-29 slump.
Granderson, 31, also had a very poor posteason. He struck out in 16 of 30 at-bats. During the regular season, Granderson was an all-or-nothing hitter, setting career highs in homers with 43 and strikeouts with 195. He hit .232 on the year, which was the worst of his major league career.
Even though they picked up the options, the Yankees could choose to trade either player.
The Yankees also exercised the option on reliever David Aardsma. The Yankees signed Aardsma in spring training with an eye toward 2013. Coming off Tommy John surgery, Aardsma pitched in one inning all season.
With Mariano Rivera contemplating retirement and Rafael Soriano expected to opt out of his current contract, Aardsma could have a more significant role next year. The expectation is that Soriano will opt out. Boras, Soriano's agent, said on Monday that he has not informed the Yankees of any decision yet. Aardsma will make $500,000 next season.