The Yankees are expected to ask their alltime great closer Mariano Rivera to take a significant paycut.

Rivera made $15 million last year, but estimates for a new offer are closer to $10 million. The Yankees could add incentives that could boost his base pay.

"It's like the Red Sox with Jason Varitek or Andy Pettitte with the Yankees last year. The Yankees know he won't pitch anywhere else," said one person familiar with their thinking.

It's like Derek Jeter, too. The Yankees hold leverage because they know Rivera won't pitch elsewhere.