League sources told ESPN and MLB Media on Sunday that Chapman reached an agreement with the Yankees on a deal that will keep him with the team through the 2022 season. The 31-year-old pitcher could have opted out of the final two years of his contract and become a free agent this off-season.
Chapman agreed to add another year for $18 million to the end of the next two years, according to ESPN. The veteran reliever will earn a total of $48 million over the next three seasons.
"New York, I told you I wasn't going anywhere!" Chapman wrote on social media.
Chapman began his career with the Cincinnati Reds before being traded to the Yankees in December 2015. The club then dealt him to the Chicago Cubs before the 2016 trade deadline for a package that included Gleyber Torres.
Chapman helped the Cubs win their first World Series title in 108 years before rejoining the Yankees that off-season. He owns a 2.61 ERA and 91 saves over the first three years of his current contract with New York.
Chapman posted a 2.21 ERA in 57 innings this season. He struck out 85 and recorded 37 saves, the most he's had since the 2013 campaign.