Yankees general manager Brian Cashman has said that his club's priority is acquiring starting pitching, and Lowe has been listed among its top three choices to help bolster the rotation. CC Sabathia is sitting on a six-year, $140 million offer and the Yankees plan to meet with representatives for right-hander A.J. Burnett this week.
The Phillies are also pursuing their own free agent, Jamie Moyer, and have acknowledged speaking with Lowe's representatives -- he is among Scott Boras' stable of All-Star talent.
Bryan Hoch is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.