The New York Yankees have officially signed Russell Martin, according to a Buster Olney of ESPN. The deal includes a $4 million base salary. A source close to Dylan Hernandez of the Los Angeles Times says the deal could be worth as much as $5.7 million ($4.2 million base plus $1.1 million in incentives based on the number of games caught).

Alden Gonzalez of MLB.com was the first to report that the Yankees and Martin agreed to terms on December 14.

FOXSports’ Ken Rosenthal reminds us that Marins is under club control through 2012, so the team could get him for two years.

The Boston Red Sox and Toronto Blue Jays were making a strong push for the free agent catcher. The New York Mets were interested too, but they expressed last week that Martin was too expensive and too much of an injury risk.

Martin, 27, spent his entire career with the Los Angeles Dodgers.  He’s a career .272/.365/.396 hitter. The catcher was limited to 97 games for Los Angeles last season due to injuries.