the new york yankees and left-hander andy pettitte have finalized a contract for next season for $12 million, plus awards bonuses, sources told espn the magazine's buster olney wednesday.

The contract is a substantial raise from the $2.5 million pettitte earned this past season.

Pettitte, 40, made 12 starts for the yankees after rejoining the team midseason and was 5-4 with a 2.87 era.