Cashman's contract expired after the 2017 season, but this extension will keep him in New York through 2022.
The Yankees and general manager Brian Cashman are close to finalizing a five-year contract extension worth $25 million, reports USA Today's Bob Nightengale.
The deal would give Cashman a significant raise, as his three-year, $9 million deal expired after the 2017 season.
Cashman, 50, has been the Yankees' general manager since 1998. Under his guidance, the Yankees have won four World Series titles and missed the playoffs just four times in 20 seasons. New York has not finished below .500 since Cashman took over personnel decisions.
Cashman fired manager Joe Girardi shortly after the Yankees lost to the eventual World Series champion Astros in Game 7 of the American League Championship Series. Aaron Boone, who has not coached at any level, was hired to replace Girardi.
In a year they were expected to rebuild, the Yankees went 91-71 this season to earn the top AL Wild Card spot. They came back from a 2-0 deficit to defeat the Indians in the ALDS before losing in seven to Houston.