The moves were widely expected for two of the top offensive players for the American League East champs.
Cano -- who hit a personal-best 33 home runs as well as 94 RBI with a .313 average -- is expected to make $15 million next season.
So is Granderson, who belted 43 homers to tie for second in the American League while also leading New York with 106 RBI.
Granderson's batting average, however, took a sharp drop this season to .232 after posting a .262 mark during his 41-homer, 119-RBI season in 2011.
Relief pitcher David Aardsma also saw the Yankees pick up his option after missing most of the season while recovering from elbow ligament replacement surgery.