Jack Curry of YES Network first reported the deal, and said it is worth $36 million.
Miller, a set-up man, started 2014 with the Boston Red Sox and was traded to the Baltimore Orioles on July 31 for minor-league pitcher Eduardo Rodriguez. The 29-year-old had a 2.02 ERA and 0.802 WHIP this season with 103 strikeouts in 62.1 innings.
The Yankees closer last season, David Robertson, is currently a free agent. After the Miller deal, ESPN's Buster Olney reported the Yankees are ready to talk with Robertson if his asking price drops, but otherwise will "move on with the bullpen group they have."
Miller was a starter during the first half of his career, never finishing a season with an ERA lower than 4.84. The Red Sox moved him to the bullpen in 2012 and his ERA and WHIP both sharply improved. His 2013 season was cut short due to torn ligaments in his foot.
The Yankees finished 84-78 in 2014, missing the playoffs for the second straight season.
- Molly Geary