The 2007 American League Cy Young Award-winner is the class of this off-season's highly-touted pitching crop. Yankees co-chairman Hank Steinbrenner confirmed the record-breaking offer on the team's Web site.
"I'm starting to become very optimistic," Steinbrenner said. "I think it's going to be mutually beneficial to us and for these particular players that we're after for them to join the Yankees."
The other players mentioned are right-handers A.J. Burnett of Toronto and San Diego's Jake Peavy.
Sabathia, 28, went 1-5 in his first seven starts for Cleveland, but after Milwaukee traded for him in July, he went 11-2 in 17 starts with a 1.65 ERA.
Sabathia is 117-73 with a 3.66 ERA, 26 complete games and 10 shutouts in eight major league seasons.