BOSTON -- The New York Yankees have reeled in prized free agent Mark Teixeira, beating out the rival Red Sox.

The Yankees reached a preliminary agreement with the first baseman for $180 million over eight years, according to the Associated Press.

On a day where Teixeira's future was the subject of many rumors, the Red Sox were said to be expecting to sign him.

SportsCenter 5’s Mike Lynch reported that the Red Sox had hoped to complete the deal with Teixeira either Tuesday night or Wednesday.

Red Sox executives met with Teixeira and his agent Scott Boras last week in Dallas, after which Red Sox owner John Henry told reporters that the team was no longer pursuing the player. However, many in baseball thought the announcement was more of a negotiating maneuver than a definitive decision.

Teixeira's deal raises the Yankees' offseason spending spree to $423.5 million. Just last Thursday, the Yankees completed agreements with two pitchers, giving CC Sabathia a $161 million, seven-year contract and A.J. Burnett an $82.5 million, five-year deal.

The Yankees, preparing to move into their pricey new ballpark, will hold the four largest contracts in the sport. Third baseman Alex Rodriguez has baseball's highest deal at $275 million over 10 years, and shortstop Derek Jeter is second at $189 million over 10 years.