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The Yankees have Derek Jeter and Brendan Ryan to play shortstop, and yet they could probably still use more help. They still need to find someone who can play third base, whether Alex Rodriguez is suspended or not, and the team was previously connected to Stephen Drew last offseason. New York wanted him to play third base for them, but the left-handed hitter chose the Red Sox instead for less money in order to stay at short, or so the story goes.
Reports have been mixed about the Yankees' interest in Drew this offseason. It was said that they were interested in almost every major free agent, including Drew, then they didn't like Drew, then they might try to sign him if no one else came into the picture. Now it looks like the Yankees are finally and definitively out on the 30-year-old shortstop as, according to Peter Gammons, Brian Cashman has specifically stated that they will not be signing him.
Drew would cost a draft pick, but seeing as how the Yankees have already given up their three first-round picks (Brian McCann took their first pick, Jacoby Ellsbury and Carlos Beltran took their supplementary picks for losing Curtis Granderson and Robinson Cano), giving up a second-round pick wouldn't be as bad, though it would mean drafting for the first time in the third round. Still, the Yankees have plenty of left-handed options on the team and he would cost much more than someone like Jeff Baker or Mark Reynolds, who would give them the right-handed options they actually need. Drew has also shown himself to be a below-average hitter throughout his career and his 2013 could be the aberration.
If they're spending money anywhere, it would be on Masahiro Tanaka before anyone else. So the qualifying offer might ultimately make Drew a candidate to re-sign with the Red Sox, unless someone with a protected pick thinks he's worth it.