From ESPN:

The New York Yankees and Jorge Posada agreed Monday night to a $52.4 million, four-year contract that keeps the catcher off the free-agent market.

Posada, a five-time All-Star who is 36, said Sunday he was "really close" to an agreement with the Yankees and his preference is to remain with the only major league team he's played for. A person familiar with the talks confirmed the deal to The Associated Press, speaking on condition of anonymity because the team didn't announce it.

Good to see. The alternatives were... scary.

Thanks Mark.