The Yankees and the pitcher's representatives had not yet reached a written agreement, said on Wednesday a person with knowledge of the negotiations, who spoke to the AP on condition remain anonymous because the agreement was not final.
The person said the Yankees are confident that it will soon reach a final agreement.
The Yankees usually prefer to wait until the terms of the contract are written before admitting that there is an agreement. Any agreement would be subject to the 28-year-old southpaw undergoes successful medical examination of rigor.
The team's general manager, Brian Cashman left the winter meetings Tuesday in Las Vegas and traveled to San Francisco to meet with him and his wife.
The arrangement of Sabathia would exceed the previous record for a pitcher, the contract for six seasons and 137.5 million dollars that the Venezuelan Johan Santana signed last year with the Mets in New York.
Among all players, it would only be surpassed by the agreement of Alex Rodriguez for 10 years and 252 million dollars with Texas, the A-Rod for 10 years and 275 million with the Yankees, and Derek Jeter for 10 years and 189 million with the Yankees.
New York introduced him Nov. 14 to offer Sabathia for six years, and met with the player on Sunday and Monday in Las Vegas.
Cashman traveled to San Francisco at the invitation of Sabathia, said the spokesman for the Yankees, Jason Zillo.
To sign Sabathia is the priority of the Yankees during the holidays. The southpaw came to a rotation that includes Chien-Ming Wang and Joba Chamberlain.
New York also hopes to renew the contract with Andy Pettitte, another free agent, and has had talks this week with Ben Sheets and representatives of AJ Burnett.
Many of the questions Sabathia to the Yankees are about what it would be launched in New York, and one of the reasons that Cashman traveled to California to talk to the pitcher's wife, Amber.
The manager of the Yankees, Joe Girardi, does not believe that Sabathia be afraid to pitcher in New York, where any failure is criticized without mercy.
It takes quite a long time in the American League to know what this is about New York, Girardi said on Tuesday. And I think the personality of C.C. would fit very well here.