Yankees reliever Rafael Soriano opts out of contract

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Yankees reliever Rafael Soriano will test the free agent market after opting out of his contract. (Elsa/Getty Images)

on October 2, 2012 at Yankee Stadium in the Bronx borough of New York City.

New York Yankees relief pitcher Rafael Soriano opted out of his contract making him a free-agent, the team announced Wednesday.

Soriano's option is worth $14 million, but will instead take a $1.5 million buyout and test the free agent market.

According to CBSSports.com, the Yankees are expected to make him a qualifying offer worth $13.3 million in order to secure draft pick compensation if he signs with another team.