The Yankees and shortstop Derek Jeter were on the verge of agreeing to a contract on Saturday morning that would guarantee him $15 million to $17 million a year for three years and include an option for a fourth year, according to a person in baseball briefed on the matter.

The agreement will include a "creative hybrid-type option" for the fourth year that is "not vesting and is highly unusual," the person said.

High-ranking Yankees officials and Jeter's agent, Casey Close, negotiated late into Friday night, making substantial progress on an agreement.