Posted by Brian Joseph on Monday, January 26, 2009 at 6:50 pm

The New York Yankees and Andy Pettitte have reached an agreement on a one-year deal potentially worth $12 million. The deal which guarantees Pettitte $5.5 million in the upcoming season has $6.5 million in performance bonuses.

Pettitte joins CC Sabathia, A.J. Burnett, Chien-Ming Wang and Joba Chamberlain in the Yankees’ projected starting rotation. Last season, Pettitte was 14-14 with a 4.54 ERA and finished 2-7 with a 6.23 in his final 11 starts due to a shoulder injury.

Initially, the Yankees offered Pettitte a guaranteed $10 million but that offered was pulled when the Yankees signed free agent Mark Teixeira to an eight-year, $180-million contract. According to reports, the official deal contains incentives based on performance and time on the active roster.