According to Sports Illustrated’s Jon Heyman, the New York Yankees are hoping to make in roads with team captain Derek Jeter next week and have everything wrapped up by the Winter Meetings which start on December 6, 2010. Heyman adds that Jeter will likely have to accept a pay cut to stay with New York.

The Yankees are believed to have made a three-year, $45 million offer to Jeter already, but Jeter may want as much as $23-24 million a year – a difference of approximately $9 million per season.

Because Jeter has been insistent about his salary demands, Yankee’s GM Brian Cashman has challenged Jeter’s camp to test the market to see if he can get anything better.

“We understand his contributions to the franchise and our offer has taken them into account,” Cashman said. “We’ve encouraged him to test the market and see if there’s something he would prefer other than this. If he can, fine. That’s the way it works.”