But Philadelphia? Would he really want a return trip?
MLB.com's T.R. Sullivan confirmed Monday, just shy of midnight ET on Tuesday, that Lee will rejoin the Phillies and form a caliber of rotation, on paper, that hasn't been seen: Lee, Roy Halladay, Roy Oswalt and Cole Hamels.
MLB.com's Todd Zolecki had reported earlier on Monday that the Phillies would need to move salary, likely Joe Blanton's, if they were going to land Lee, making a trade possible in the coming days. Multiple reports now indicate that Lee is taking considerably less money, perhaps as much as $50 million less when compared with New York's offer, to return to Philadelphia.
Lee agreed to a five-year deal with a vesting option for a sixth season that could bring the total to $120 million.
The Yankees and Rangers now must resort to their respective Plan Bs. Another top-of-the-line starter reportedly can still be had in Kansas City's Zack Greinke, but whether he would be a fit for either club isn't clear.
The Royals haven't indicated that they are overly interested in unloading Greinke, but there have been suggestions that an impressive trade offer could convince them. Royals general manager Dayton Moore is at least taking stock of the market for Greinke, ESPN.com's Jerry Crasnick reported on Monday.
The Yankees and Rangers, though, may be forced to turn their search for a starter elsewhere because their prospects may not mesh with the Royals' wish list, baseball sources suggested to ESPN.
Moore is reportedly interested in adding Major League-ready, up-the-middle position players in return.
Here's a look at Monday's other rumblings around the league.
The Athletics agreed to a one-year deal with reliever Joey Devine. Devine, 27, hasn't appeared in the Majors since 2008 after undergoing Tommy John surgery on his right elbow. In 2008, however, he went 6-1 with a 0.59 ERA for Oakland.
Texas solidified its catching situation, agreeing to a one-year deal with Matt Treanor. Treanor, who will earn $850,000 next season, will serve as a backup to Yorvit Torrealba.
"It was a no-brainer," Treanor said. "I wanted to come back to Texas if they would have me back. It's a winning ballclub, and everybody wants to be part of a winner. I want to be part of something special."
The Dodgers signed three players to Minor League deals with invites to Spring Training, including infielder Juan Castro, catcher JD Closser and utility man Eugenio Velez. Of the three, the veteran Castro is probably the most likely to make the club, according to MLB.com's Ken Gurnick, due to his strong defensive abilities.
San Diego made its one-year deal with Dustin Moseley official. Moseley went 4-4 with a 4.96 ERA in 16 games with the Yankees last season. New York non-tendered the former first-round pick, who will be 29 on Opening Day, last week.
The Yankees are reportedly interested in Jerry Hairston Jr., Marc Carig of the Star Ledger reported.