Sabathia, 31, has four years worth $92 million left on his current seven-year, $161 million deal but has the option -- until midnight Monday -- of voiding the final four years.
The Yankees have already made a new contract offer to Sabathia and remain the favorites to keep him, although the Cubs, Rangers, Tigers, Blue Jays and Cubs are also considered possibilities. The Yanks' offer was made over the weekend, but no details have been announced.
Sabathia agreed to a his current contract after the 2008 season, when the Yankees outbid the Angels, Giants and Brewers. He has gone 59-23 with a 3.18 ERA during the regular season for New York, helping the Yankees win the World Series in 2009.