He has two guaranteed seasons at $12 million each remaining as part of a $49.5 million, six-year contract. The deal includes a $13.5 million team option for 2023 with a $3 million buyout.
Texas will pay the Yankees $11,060,806 to cover all but a prorated share of the $570,500 minimum this year and all but the 2022 minimum, which is still to be negotiated, a cash amount that currently projects to $11,429,500. Texas would pay New York an additional $3 million if the option is declined.
Odor will cost nothing to the Yankees for purposes of the luxury tax.
Odor has a .237 career average with 146 homers and 458 RBIs in seven major league seasons. He hit .167 with 10 homers and 30 RBIs in the pandemic-shortened 2020 season and batted .200 with two homers and five RBIs in 35 spring training at-bats for the Rangers.
New York starts right-handed hitters with the exceptions of switch-hitting center fielder Aaron Hicks and left-handed hitting first baseman Jay Bruce, who is starting while Luke Voit recovers from knee surgery.
New York optioned right-hander Michael King to their alternate training site to open a space on the active-roster. King pitched six innings of scoreless, one-hit relief against Toronto on Sunday.
Infielder Thairo Estrada was designated for assignment to open a spot on the 40-man roster.
The 20-year-old Cabello hit .251 with 19 doubles, nine triples, eight homers and 40 RBIs in the minors from 2018-19.