Right-hander Gerrit Cole decided Monday to remain with the New York Yankees on the four-year, $144 million contract he opted out of Saturday, sources told ESPN's Jeff Passan.

Originally, the only way Cole would remain a Yankee without reaching free agency was if the club voided his opt-out with a one-year, $36 million extension to his contract, making it a five-year, $180 million deal. The Yankees declined to do so, however, but came to an agreement for Cole to remain in New York anyway, as if he had not triggered the opt-out in the first place.

The two sides had until Monday at 5 p.m. ET to come to an agreement. Discussions on a potential contract extension will continue.

A six-time All-Star, 34-year-old Cole fulfilled his boyhood dream of joining the Yankees before the COVID-shortened 2020 season on what was, at the time, the largest contract ever given to a pitcher: nine years, $324 million. He became the workhouse ace New York envisioned, posting a 3.08 ERA in 108 starts over the next four seasons, and peaked in 2023, when he went 15-4 with a 2.63 ERA across 209 innings in 33 starts to win his first Cy Young Award. A repeat performance, however, was doomed from the start.

Cole was shut down in mid-March with nerve irritation and edema in his throwing elbow. He avoided surgery but began the season on the injured list. He made three rehab starts before making his season debut June 19 against the Baltimore Orioles. Initially not built up to his usual pitch count, Cole didn't record an out in the sixth inning in his first four outings.

But the Yankees' measured plan for Cole paid dividends. The right-hander ultimately logged at least six innings in eight of his 17 starts, posting a 3.41 ERA across 95 innings. He had his occasional blow-up -- he surrendered 11 runs in two starts against the Boston Red Sox and 12 runs to the New York Mets in two outings -- but was otherwise stingy, allowing two or fewer runs in 10 of his starts. He delivered his best performance in Oakland, holding the A's to one run over nine innings Sept. 20.

Cole added another five starts in the postseason, pitching to a 2.17 ERA over 29 innings. He limited the Kansas City Royals to one run in seven innings in the Yankees' American League Division Series-clinching Game 4 win. The Dodgers mustered just one run in six innings against him in Game 1 of the World Series, although the Yankees lost in extra innings.

His final start of the season, however, will haunt the Yankees: After four hitless innings, three Yankees defensive miscues in the fifth -- including Cole not covering first base on a routine groundball to first baseman Anthony Rizzo with two outs -- allowed the Dodgers to tie the score with five unearned runs in their eventual 7-6 win.

The Pittsburgh Pirates drafted Cole with the No. 1 pick in the 2011 draft out of UCLA. He made his major league debut in 2013 and made one All-Star team for Pittsburgh. It wasn't until he was traded to the Houston Astros after the 2017 season that he became a consistent ace, recording two 200-plus-inning seasons with a 2.68 ERA before hitting free agency and signing with the Yankees in December 2019.