Girardi, who turns 49 next Monday, has been the Yankees' manager since 2008, building a 564-408 record. New York was 85-77 this season, tied with Baltimore for third in the AL East.
It was the lowest win total with Girardi as manager and marked the second time in Girardi's tenure in New York that the Yankees didn't qualify for the playoffs. His 564 wins ranked sixth most among the 32 managers in Yankees history. The team won the World Series in 2007 under Girardi.
He previously managed the Florida Marlins in 2006, going 78-84 and winning NL Manager of the Year honors. He was fired Oct. 3 despite the honor.