From the New York Daily News:

According to baseball sources familiar with the situation who requested anonymity because of the sensitivity of the matter, the Yankees will revisit the possibility of terminating Giambi's deal if it is determined that he used illegal drugs after they signed him to a seven-year, $120 million contract in 2001.

The commissioner's office is investigating Giambi's comments to the newspaper and will summon him to a meeting to discuss them. What he says in that meeting - or doesn't say - may go a long way toward determining how the Yankees proceed.

Via Steve.