TAMPA -- The New York Yankees have signed left-hander Ryan Yarbrough to a one-year contract, the team announced on Monday.

The deal is worth $2 million guaranteed with another $250,000 in performance bonuses, a source told ESPN.

To make room on the 40-man roster, the Yankees placed right-hander Luis Gil on the 60-day injured list with a right lat strain.

Yarbrough, 33, had been with the Toronto Blue Jays in spring training before opting out of his contract Sunday because he was informed that he wouldn't make the team's Opening Day roster. Yarbrough said the agreement came together between Sunday night and Monday morning. He said he chose the Yankees over other clubs.

The Yankees have not yet announced the signing. They must create a spot on their 40-man roster to make room for Yarbrough.

Yarbrough said the plan is for him to pitch for the Yankees in their final exhibition game Tuesday against the Miami Marlins. Yarbrough last pitched Tuesday for the Blue Jays. He threw 42 pitches across 1 innings.

"At this point, ready to rock and roll," said Yarbrough, who reported to the Yankees' clubhouse Monday morning.

Yarbrough spent his first five-plus seasons with the Tampa Bay Rays and has since bounced around; the Yankees are his fifth team since the start of the 2023 season. Yarbrough, who is entering his eighth major-league season, said he was not yet informed how he will be used, though the Yankees are expected to use him as a reliever.

Yarbrough has made 68 starts in his career, but he has been mostly a long reliever in the majors. Last season, he compiled a 3.19 ERA over 98 innings in 44 games, all in relief, for the Los Angeles Dodgers and Blue Jays as he continued to flummox hitters with an arsenal that didn't include high-octane velocity from a three-quarters arm slot.

Yarbrough's fastball averaged 86.2 mph last season, which ranked third-slowest among qualified pitchers. His 16.3% strikeout rate ranked in the sixth percentile.

"I think it's just a weird look, something they're not used to seeing," Yarbrough said, "Especially from my slot and from the left side. And then I think the biggest thing has just been keeping guys off balance, multiple pitches, being able to throw them at any time. Just keeping guys guessing up there. Attacking guys and staying ahead."