The 34-year-old Jones will earn a base salary of $2 million and could tack on $1.4 million in performance incentives, CBSSports.com has reported. An official announcement will not be made until Jones undergoes a physical.
General manager Brian Cashman often said this winter that the team enjoyed having Jones as a fourth outfielder and a right-handed power bat off the bench, issuing praise for his ability to hit left-handed pitching. Cashman said earlier this week that he has remained in touch with Jones, who had also reportedly drawn interest from the Red Sox.
Jones batted .247 with 13 home runs and 33 RBIs in 77 games for New York in 2011, his first season in the Bronx. He batted .286 off lefties, with 16 of his 36 hits going for extra bases, and figures to step in as a replacement for Brett Gardner against some left-handed starters.
The owner of 420 career home runs, eighth among active Major Leaguers, Jones is one of four players all-time with at least 400 home runs and 10 Gold Glove Awards, along with Ken Griffey Jr., Willie Mays and Mike Schmidt.