Posted by Sabrina B. @gametimegirl

The Yankees are making their initial offer to Derek Jeter very soon, and it will be for three years and about $45 million.

Jeter has yet to name his asking price, but he’s believed to seek more than that. It’s hard to imagine the sides not coming together eventually.

Jeter, the Yankees shortstop and captain who will turn 37 next June, is coming off the worst offensive season of his career. He hit .270 with a .340 on-base percentage and .370 slugging percentage, all career lows. However, he did make his 11th All-Star team, win his fifth Gold Glove, and miss just five games while helping the Yankees reach the postseason for the 15th time in 16 years. Jeter, the alltime Yankees hits leader, enters the 2011 season just 74 hits shy of 3,000 for his career.

Last season was the final year of a 10-year, $189 million contract for Jeter.

Meanwhile, Jeter’s fellow Core Four teammate Mariano Rivera is seeking a two year deal to return to the Yankees. The incomparable closer has told fiends of his desires, but team people are saying terms have yet to be discussed. Rivera posted a 1.80 ERA, a 0.83 WHIP and 33 saves for the Yankees in 2010.

Some other Hot Stove updates:

• Bengie Molina, who spent last season with both of the respective league champions, the Giants and Rangers, has decided he wants to come back and play another season.

• Vladimir Guerrero is looking for a multiyear deal following his bounceback season for the Rangers at age 35 in 2010. Guerrero, coming off an injury plagued year in 2009 in which he his just 15 home runs and drove in 50 runs for the Angels, batted .300 with 29 homers and 115 RBIs for Texas. The Rangers turned down his $9 million option which was part of a prearranged deal, but they are one of four American League teams considering Guerrero for designated hitter.

By Jon Heyman, SI.com