Brian Cashman commented on the Mike Francesca Show today that he made a "significant" offer to Robinson Cano already. Judging by the way it was discussed it seemed that Cano, and his agent Scott Boras, didn't agree with the offer and have either done nothing with it or passed on the proposed extension all together. Hal Steinbrenner had recently commented about the organization's desire to retain their star second baseman and that talks had started between the two parties. Considering that Scott Boras almost never allows his clients to sign extensions and the Yankees' aversion to even discussing them, it seemed entirely unlikely that this could really happen.
However, if the Yankees have made a pitch it's entirely likely they could change their policy or at least make an exception for the player who is likely to be the most sought after free agent after the season. Signing him now wouldn't save a lot of money, but it will prevent them from having to bid against almost any team with a $100M+ payroll and the clout to throw their money around. Teams like the free spending Dodgers, Cubs, Rangers and others could be in the hunt for Cano, so in case the negotiations hit a snag the Yankees won't have to be afraid of losing him to a surprise mega deal out of nowhere. Negotiating now gives them a second chance to sign him if they need it.
The Yankees definitely need it all the time they can get because agreeing to a contract that could possibly be up near 10 years and $200 is not something you do on a whim. Hopefully everyone can save themselves a lot of trouble with a real life contract extension. Maybe this could mean a change in the way the Yankees do business. We'll have to see.
UPDATE: Now you can listen to Cashman yourself.