The New York Yankees have reportedly signed the biggest free agent in Major League Baseball's off season. The ESPN cable television network says the Yankees and slugger Jason Giambi have agreed to a seven-year, $128-million contract.

The Yankees, however, are denying that a deal has been reached. The team has also not officially announced the re-signing this week of manager Joe Torre, and only recently acknowledged a contract extension with general manager Brian Cashman weeks after his deal was signed.

ESPN says Giambi must first pass a physical exam before his deal is final, which would make him one of the five highest paid players in the game.

Giambi led the Oakland Athletics to the playoffs last season with a .342 batting average, 38 home runs 120 runs batted in, and a league-leading 129 walks. Giambi won the 2000 American League Most Valuable Player award and finished second in the voting this year.