The five-horse race for Japanese right-hander Masahiro Tanaka appears to be over.

According to Fox Sport's MLB correspondent Ken Rosenthal, the New York Yankees have agreed a deal for the right-handed pitcher.

Speaking on Twitter Rosenthal said: "BREAKING: Tanaka to #Yankees, seven years, $155M, opt-out after fourth year."

Followed by: "Tanaka contract with #Yankees is fifth-highest for a pitcher. Kershaw, Verlander, Felix, CC, Tanaka."

It brings an end to the biggest free agency story of the market in this off-season with as many as twelve teams thought to have originally approached Tanaka.

The new posting system, agreed by MLB and the NPB, meant that teams only had to offer $20m to release Tanaka from his Japanese team Rakuten Golden Eagles, inspiring huge interest.

Tanaka went 24-0 in 2013 with a 1.27 ERA - figures that inspired one of the biggest free agency tussles in recent memory.

The Diamondbacks, Dodgers, Cubs and the White Sox were all in the final running for Tanaka but it appears the Yankees, who were always favourites, have landed the coveted pitcher.

It's a second huge deal for a pitcher in as many weeks after Clayton Kershaw agreed a $215m, seven-year deal with the LA Dodgers.

New York Yankees
New York Yankees