Cano, sources said, asked for a nine-year deal at $28 million a year, with a vesting option for a 10th year at $29 million this past week. That deal, at $252 million, would match Alex Rodriguez's 2000 deal with the Texas Rangers in guaranteed value.
The Yankees, sources told Olney, upgraded their offer to the $170 million range, leaving a gap of about $80 million. According to published reports and information from sources who spoke to ESPNNewYork.com, the Yankees had previously offered Cano a seven-year deal worth approximately $160 million.
The Yankees met with representatives for Cano on Tuesday in Manhattan. Present at the meeting were Yankees general manager Brian Cashman, president Randy Levine, Cano agent Brodie Van Wagenen of Creative Artists Agency and a representative of Jay Z's Roc Nation, although not Jay Z himself.
Yankees owner Hal Steinbrenner said in October the club would not give Cano a 10-year deal, and last week Levine told ESPNNewYork.com, "Unless he gets a little more realistic, we have nothing to talk about."
Information from ESPN.com's Buster Olney and ESPNNewYork.com's Wallace Matthews was used in this report.