Yankees Rumors: Juan Soto Tops Shohei Ohtani Record, Agrees to $31M Contract for 2024

The New York Yankees and outfielder Juan Soto have agreed on a one-year, $31 million deal to avoid arbitration, per Joel Sherman of the New York Post.

Soto's contract is the largest one-year deal for an arbitration-eligible player, per Sherman.

The Yankees acquired Soto, who will be a free agent next offseason, in a seven-player trade with the San Diego Padres last December. The 25-year-old has already made three All-Star teams and won four Silver Slugger awards in his six-year MLB career.

Soto is also a World Series champion after winning the Fall Classic with the Washington Nationals in 2019.

Three years later, Soto landed with the Padres via a midseason trade. Last season, Soto amassed a career-high 35 home runs to go along with 109 RBI and a .903 OPS. The on-base machine has also led the major leagues in walks three years running.

Naturally, Soto is about to get paid handsomely next offseason. Tim Britton of The Athletic projected that Soto could be looking at a 14-year deal worth "right around $540 million."

That would be the second-richest contract in baseball history behind Shohei Ohtani's 10-year, $700 million deal with the Los Angeles Dodgers.

If Soto continues his torrid early-career pace, then it's easy seeing him cross the half-billion mark. That may be too rich even for the Yankees, who have hundreds of millions already committed down the road to players such as Gerrit Cole and Aaron Judge.

Then again, the Yankees have always been at or near the top of payroll lists, so if Soto stars in the Bronx, then it's not impossible seeing this be more than a one-year rental too.

For now, though, Soto is playing on a $31 million deal before he's set to earn far more money next year.